Analyst Saying “According to This Indicator, There Will Be a Boom in Bitcoin” Explained What He Expects From Now On for BTC!

Fed Chairman Jeremo PowellDespite the moderate approach of , showing weakness Bitcoinis at $64,000 levels.

As investors postpone bullish hopes to August and beyond after a busy July, one analyst Bitcoin He claimed that the volatility indicator was indicating an imminent price increase.

On-chain analyst Matthew Hyland analyzes Bitcoin volatility indicator Bollinger Bands have reached their narrowest point in twelve months, he said.

In a recent video, Hyland noted that Bitcoin’s weekly Bollinger Bands are at their third-narrowest level in history, noting that this situation had only been seen before in April 2016 and August 2023.

Hyland also stated that Bitcoin has been consolidating in a narrow range of 25% since March 13, and he believes that this long consolidation period is now over.

Considering the long consolidation period and the fact that Bollinger Bands have reached their third narrowest level in history, the analyst predicted that the consolidation period in Bitcoin will end within a month and a significant upward period will begin.

In the market ““The longer the consolidation lasts, the bigger the subsequent rally will be.” Citing general acceptance, the analyst claimed that if history repeats itself, a new ATH could be seen in Bitcoin by November.

“Bitcoin Weekly Bollinger Bands have only been this tight twice now. In April 2016 and August 2023. We are seeing the same thing again now. Bitcoin then rose by about 20% from August to November 2023.

Here, an upward movement in Bitcoin is inevitable and this movement is its main issue. This movement will probably come within a month.

If history repeats itself, Bitcoin could reach a new ATH of around $77,000 by November at its current price.”

“Bitcoin’s weekly timeframe Bollinger Bands have only been this tight twice so far… in April 2016 and August 2023,” said crypto analyst MaxBecauseBTC, in addition to Hyland.

What Does a Bollinger Bands Squeeze Mean?

This tightening situation is typically interpreted as a precursor to significant price movements, either up or down.

This squeeze shown by Bollinger Bands Bitcoin While it can mean both a bullish and a bearish trend signal for BTC, the direction in which it will go depends on various factors such as market sentiment, future positive or negative news, as well as technical indicators.

At this point, analysts interpret the narrowing of the Bollinger bands as the calm before the upward storm.

*This is not investment advice.