Bitcoin Bollinger Band Signal Suggests BTC May Double By July – TradingView News

Bitcoin price it could double from its current value of $69,000 in as little as three months, according to analyst take a widely used momentum indicator.

Anonymous analyst TechDev told their 440,000 followers on X that Bitcoin closed two months in a row above the upper Bollinger Band, adding that every time Bitcoin did this in the past, its price doubled within the next three months.

This would put Bitcoin around $140,000 by July.

Cointelegraph

In technical analysis, Bollinger Bands is a tool that measures the momentum and volatility of an asset within a certain range. Usually, when prices touch the upper band, it may indicate an overbought signal, while touching the lower band indicates that the asset is oversold.

However, Bollinger Bands are only one of many technical indicators available to analysts, and according to Investopedia, they are more reactive than predictive, due to their use of previous price action and volatility data. Measurements can also vary greatly during peak bull and bear markets.

Bitcoin has “running room”

Meanwhile, SkyBridge Capital CEO Anthony Scaramucci went to CNBC on April 6 to predict that Bitcoin could reach up to $170,000 during the cycle and could eventually trade for almost half of the total value of the global gold market.

“I’m just saying it can trade up to half the value of gold, which is about six to eight to 10 times from here.”

“It won’t happen overnight, and there will be volatility,” he added.

Bitcoin currently commands a market capitalization of $1.35 trillion, while gold boasts a total value of $15.8 trillion. If Bitcoin were to trade at half the value of gold, its market value would need to grow about six times from here, which would result in a price of about $400,000 per BTC.

#Bitcoin has risen over 140% in the past year, hitting new highs last month due to demand from mainstream ETFs. @Scaramucci discusses why he thinks Bitcoin is back: pic.twitter.com/HJxQEy6XY0

April 05, 2024

Describing the 10 recently approved Bitcoin exchange-traded funds (ETFs) as “selling machines,” Scaramucci said that these products will only continue to fuel increased retail and institutional demand for crypto assets.

Nine out of 10 Bitcoin ETFs have now seen net inflows of more than $12 billion, with Grayscale being the odd one out. In contrast, when the Gold ETF (GLD) launched in November 2004, it took nearly a year to reach $10 billion in revenue.

Like many other market analysts, Scaramucci saw the upcoming Bitcoin reduction – scheduled for April 20 – as the main driver of Bitcoin price appreciation in the short term.

Crypto market cap to hit $5 trillion: Ripple CEO

Hope was also not lost on Ripple CEO Brad Garlinghouse, who predicts that the value of the entire crypto industry would double by the end of this year.

In an April 7 report from CNBC, Garlinghouse predicted that the entire crypto industry would be worth $5 trillion by the end of the year, looking at the upcoming halving, regulatory developments and the rise in popularity of Bitcoin ETFs as having a positive impact going forward. on the widespread adoption of crypto.

“I’ve been around this industry for a long time, and I’ve seen these trends come and go,” Garlinghouse said.

“I have high hopes. I think the general trends, the big picture like ETFs, are driving real institutional money for the first time.

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