Key Points
- Bitcoin’s price could potentially double by July, according to an analyst on the X app, TechDev.
- The prediction is based on the Bollinger Bands technical analysis indicator.
A prominent analyst on the X app, TechDev, has made a rather bold prediction regarding the price of Bitcoin (BTC).
In a recent post, the pseudonymous technical analyst suggested that the BTC price could potentially double its current value over the next three months. This would mean that Bitcoin could reach close to $140,000 by July.
Analysis Basis
TechDev’s prediction is based on indicators from a widely used technical analysis tool known as Bollinger Bands. TechDev noted that Bitcoin had just closed two consecutive months above the upper Bollinger Band, an occurrence that is quite rare. However, whenever Bitcoin has done this in the past, its price has typically doubled over the next three months.
Bollinger Bands are a popular indicator tool, even among novice investors. They are used in technical analysis to measure the momentum and volatility of an asset within a certain range. Typically, when prices touch the upper band, it is interpreted as an asset being overbought, and when it touches the lower band, it is seen as oversold.
Other Market Predictions
Interestingly, TechDev’s prediction seems rather conservative compared to other market commentators. For example, SkyBridge Capital CEO Anthony Scaramucci recently shared his views on Bitcoin during a CNBC interview. Scaramucci suggested that Bitcoin could rise to $170,000 in the current cycle.
Furthermore, he noted that BTC could trade at half the valuation of gold in the long term. However, he acknowledged that to achieve this, Bitcoin’s market cap would have to increase roughly sixfold. At that stage, the BTC price could reach $400,000, according to Scaramucci.
Ripple CEO Brad Garlinghouse also expressed a similar level of optimism. Although his prediction was more general, Garlinghouse stated that the value of the entire crypto sector could double by the end of 2024, reaching a $5 trillion market cap.
Undoubtedly, crypto adoption is gaining momentum. The primary drivers of the ongoing rally are the upcoming halving, regulatory developments, and the increasing popularity of Bitcoin ETFs.
