A popular trader is hoping for historic gains for Bitcoin on a simple trendline break.
exist discuss On May 5, the Crypto Titan took to Twitter to point out a rare bullish signal on the Bollinger Bands indicator on Bitcoin’s monthly chart.
bitcoin price will “break out B”
BTC price action is currently affecting market sentiment in different ways on different time frames. While observers are uncertain about short-term movements, it is generally believed that Bitcoin’s upward trend mainly occurs before the halving event approaches.
However, when tracking what’s coming next, it’s important to consider past halving cycles, especially volatility.
As noted by Titan of Crypto, the Bollinger Bands on the monthly time frame are setting up to repeat breakout events that only happen once per cycle.
In the first two cases on the 2016 and 2019 charts, BTC broke out of the upper part of the Bollinger Bands channel, making notable gains.
Bollinger Bands are the primary volatility indicator on the price time frame and consist of a 20-period Simple Moving Average (SMA) as the middle line and two upper and lower deviations representing the channel.
These bands expand and contract with fluctuations and certain events. Among them, the price hitting the band or even breaking through the band is usually considered important by traders.
Currently, the 1-month BTC chart shows that the price is attempting to break above the SMAs. If confirmed, it would suggest a repeat of past bull markets.
Titan of Crypto commented on this, calling it an “unshakable breakthrough.”
“BTC is on the verge of breaking the baseline of the monthly Bollinger Bands. When that happens, the first target will follow unwaveringly. This will take Bitcoin to a stable $63,500.”
Bitcoin Chart | Source: Crypto Titans
While not enough to reach the current all-time high, the price target could be around the time of the halving in a year’s time.Crypto Titan admit How long it will take to get there remains to be seen.
price bitcoin wait Chance
Last month, John Bollinger, author of the aforementioned indicator, argued that Bitcoin is at a critical juncture on the daily time frame.
At the time, the price was retesting the SMA as support, breaking out of its nearby range. For now, however, it’s heading higher.
BTC Candlestick Chart 1 day and Bollinger Bands | Source: TradingView
Analyst CryptoCon then suggested that the Bollinger Bands benchmark on the low time frame remains unchanged despite Bitcoin’s pullback from local highs of $31,000.
source: Cryptography Conference
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As reported by Cointelegraph