Bitcoin BTC price Voice of crypto
Bitcoin recently closed above the upper Bollinger Band, historically followed by a price doubling within 3 months.
This suggests a potential rise to $140,000 by July.
Trading volumes of Bitcoin ETFs remain high, indicating continued investor interest and potentially softening future price dips.
Dylan LeClair, a senior analyst at UTXO Management, believes Bitcoin is unlikely to fall back to $50,000.
Bitcoin's price has already surpassed $70,000 and is attempting to reclaim the $73,800 high.
At this point, the 2024 Bitcoin halving is right on top of us, with a little more than a week to go.
The crypto market, as expected, is brimming with optimistic forecasts for Bitcoin’s price.
This week, we have some of the most interesting Bitcoin predictions from analysts and analytics firms from all over Twitter, and we will be going over three of them in this section.
Here are all the reasons why Bitcoin is gearing up for one of the strangest and most explosive bull runs of the decade.
One of the strongest indicators on any chart is the Bollinger Bands.
This tool was invented in the 1980s by John Bollinger and is one of the most reliable indicators of significant price movements.
According to new insights from analyst, TechDev in a new Tweet, Bitcoin just closed with two consecutive monthly candlesticks above the upper Bollinger Band on the monthly chart.
Bitcoin just closed above a Bollinger band
According to the analyst, whenever this pattern occurs from a historical perspective, Bitcoin’s price typically doubles within the next three months.
Because of this, if history is any indicator, we might be seeing Bitcoin hit the $140,000 line by July, assuming a current Bitcoin price of $70,000.
According to new insights from Santiment, the ETF market is also showing signs of sustained growth.
In a recent tweet, the analytics firm reported that the trading volumes of these Bitcoin Exchange Traded Products have remained at highs since the cryptocurrency hit the $73,800 high in March.
The Bitcoin ETF volumes remain at highs
Santiment went further to add that this trend is expected to continue further into the year and after the halving later in April.
Santiment noted that in March alone, the volumes of these ETFs surged to around $111 billion, nearly tripling the previous month’s volume as a testament to the growing interest in these financial products.
According to data from Farside, the spot ETFs now have around $12.6 billion worth of liquidity locked, leading Santiment to conclude that any price dips on Bitcoin from here on out may not be as harsh as expected.
Despite the volatility of Bitcoin and the “doom and gloom” predictions of a post-halving crash, Bitcoin may not dip so heavily from here.
According to recent X insights from Dylan LeClair, a senior analyst at UTXO Management, Bitcoin may dip from here.
However, the flagship cryptocurrency is unlikely to revisit $50,000.
“While there is a large cluster of longs that could be taken out at ~50k, […], I find it pretty unlikely we revisit that level (but not impossible of course!).”
LeClair noted that the idea of Bitcoin making higher highs, coupled with the current stability of the derivatives market makes a significant price drop unlikely to happen.
LeClair went further to explain that if Bitcoin rallies to the $70,000–$75,000 range, it could trigger an avalanche of bearish liquidations, adding further bullish pressure to the cryptocurrency’s price.
Bitcoin’s current price
Keep in mind that at the time of writing, Bitcoin has already crossed the $70,000 threshold, and currently trades at around $72,000 in an obvious attempt to retake the $73,800 mark.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.