Bitcoin Could Reach $140,000 After This Rare Wave Posts: Analyst

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Bitcoin may be hovering below its all-time highs, but analysts continue to bullish based on rare chart formation. Taking X, the analyst noted that BTC has closed two months in a row above the upper Bollinger Band on the monthly chart.

Bollinger Bands Rare Signal Posts: BTC To $140,000?

The analyst said that historically, when Bitcoin closes two months in a row above the upper Bollinger Band on the monthly chart, the price doubles within three months. If this pattern holds, Bitcoin will rise to over $140,000 by July 2024, just three months after the Bitcoin halving event.

Bitcoin is trading below $73,800, the all-time high registered in March 2024. However, after weeks of lows, a sharp reversal early on April 8 suggests buyers may be back. At the time of the press, the currency is changing hands above $71,800, with a push to break above the liquidation level of around $72,000.

Despite the strong breakout, whether the trend continues remains to be seen. It should be noted that BTC prices tend to collapse before the Halving, which is expected to take place in the coming weeks, dropping as much as 20%. BTC fell after holding highs at $73,800, dropping to the $60,000 level before pulling back to current levels.

A refreshing close above $74,000 could form the basis for further gains in the coming days, perhaps up to $100,000 in the coming weeks.

Another analyst suggests that Bitcoin can collect $ 140,000 within four weeks, especially if it follows the same price pattern until December 2020. After breaking above the $ 20,000 high of 2017, Bitcoin continued to gather, reaching almost $ 70,000 for almost 3X increase.

Currently, buyers are looking at the $74,000 mark and higher. If this level is exceeded, as it was at the end of 2020, the possibility of Bitcoin at least doubling to $ 140,000 is more likely.

Will Halving, Macroeconomic Factors, and Spot ETFs Drive Prices?

The current bullish sentiment may continue. Possible drivers include interest in Bitcoin exchange-traded funds (ETFs). So far, billions have been directed to these products, raising demand and thus prices. The upcoming Halving event could increase demand further, pushing prices higher in the coming months.

Beyond Bitcoin-driven fundamentals, analysts are also looking at market events, particularly in the United States. Some speculate that the US Federal Reserve (Fed) may not cut interest rates at least three times this year as labor conditions stabilize and inflation slows.

If the Fed cuts interest rates, reversing their hawkish outlook, BTC could lead to other safe havens in the upside.