Key Points
- Bitcoin’s price could potentially surge to $190,000 due to intense volatility, according to Julien Bittel, head of macro research at Global Macro Investor.
- This prediction is based on the current state of Bollinger Bands, a key volatility indicator, which suggests a significant price movement may be imminent.
Julien Bittel, head of macro research at Global Macro Investor, has hinted at a significant surge in the price of Bitcoin.
According to Bittel, the price of Bitcoin could reach up to $190,000 due to the current state of the Bollinger Bands, a key volatility indicator.
The Role of Bollinger Bands
Bittel notes that the Bollinger Bands are unusually tight at present.
This has only happened twice before, in April 2016 and July 2023, and on both occasions, it was followed by a significant increase in Bitcoin’s price.
The Bollinger Bands measure market volatility and the strength of price trends, and their current narrow range suggests a potential for a significant price movement.
If the pattern repeats, Bitcoin’s price could target a range between $140,000 and $190,000.
Bollinger Bands have previously suggested a substantial price increase in the current market cycle.
In late 2023, a similar scenario occurred just before a surge to local highs, which was followed by the introduction of U.S. spot Bitcoin exchange-traded funds (ETFs).
Recent Performance and Future Predictions
As of July 19, Bitcoin was trading at around $64,000, up 11% over the past week.
Despite growing confidence among traders and indicators pointing to continued bullish momentum, some skepticism remains due to the lack of mainstream retail investor participation.
Trader Rekt Capital suggests that September could be a critical month for Bitcoin’s potential breakout, based on historical cycles.
Analysts, including Glassnode co-founder Negentropic and Scott Melker, also known as “The Wolf of All Streets”, have expressed bullish sentiments about Bitcoin.
Negentropic maintains a bullish outlook, targeting the $69,000 to $74,000 range as the next potential price levels.
Melker has identified bullish signals on shorter timeframes, while analyst Moustache has pointed out a bullish cross on Bitcoin’s monthly chart, similar to the setup before the 2017 bull run.
Despite recent gains, Bitcoin faces strong resistance around the $65,000 level.
Market technician Aksel Kibar has noted that Bitcoin’s ability to stay close to this resistance without a significant drop is a positive long-term sign.
In the short term, Bitcoin’s price appears to be consolidating within a narrow range, with the upcoming weekend potentially bringing increased volatility and setting the stage for a notable price movement.
