Bitcoin Price Faces Tightest Bollinger Bands Set Up In 2 Years, $150K Soon?
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Bitcoin (BTC) price appears set for a major rally based on the Bollinger Bands indicator. The Bollinger Bands are at their tightest level they have been in almost two years. This could mean a big price shift for the leading coin, which traders are keeping an eye on. Some market analysts even predicted that BTC price could see a breakout towards $150,000 soon. The Bollinger Bands Catalyst In an X post, Coin Bureau CEO Nic Puckrin highlighted the Bollinger Bands as a crucial indicator that could ignite a Bitcoin price rally. Nic released a BTC chart that showed the Bollinger Bands coiled like a spring. The CEO noted that the Bollinger Bands are at the tightest in almost 2 years. He claims all Bitcoin requires is a catalyst to fuel a major rally. Importantly, the Bollinger Bands are a tool used to measure market volatility. When the bands contract, it suggests that the market is becoming less unpredictable. This could signal a potential turning point for Bitcoin, based on historical trends. Bitcoin Bollinger Bands Tightening | Source: Nic Puckrin Bitcoin’s Bollinger Bands narrowed significantly in July 2023 when Bitcoin’s price traded around $30,000. By the end of December, Bitcoin reached $42,000. This marks one of the most notable price surges in history following the Bollinger Bands’ tightening. With the Bollinger Bands now at the tightest in almost 2 years, some enthusiasts and analysts have set $150,000 as the next BTC target. Although there are no guarantees that history will repeat, other positive signs have emerged. This could impact the performance of BTC going forward. Mild Bitcoin Price Correction Looms, But Hope Remains CryptoQuant analyst Crypto Dan pointed out that the crypto market is cooling off from a short-term overheating phase. This means the market is transitioning from a period of…
