Bitcoin’s ‘Bollinger Band’ signal indicates that BTC may double by July

Bitcoin’s ‘Bollinger Band’ signal indicates that BTC may double by July


The price of Bitcoin (BTC) could double from its current value of $69,000 in three months, according to analysts of the 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.

Source: TechDev

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 for Investopedia, it is more reactive rather 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 of the gold inventory, which is about six to eight to ten times from here.”

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

Bitcoin at the moment command 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 roughly 6 times from here – which would result in a price of roughly $400,000 per BTC.

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

Spot Bitcoin ETFs have now seen total revenue of over $12 billion across ten products (excluding Grayscale). 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 predicted that the value of the entire crypto industry would double by the end of this year.

On April 7 report from CNBC, Garlinghouse predicted that the entire crypto industry would be worth $5 trillion by the end of the year, citing the upcoming halving, regulatory developments, and the growing popularity of Bitcoin ETFs as having a positive impact on the broader adoption of crypto .

Related: Halving Bitcoin will have to fight the ‘weakest time of the year’ – Coinbase

“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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