Bitcoin
Is BTC Ready for $140,000?
Bitcoin is in an uptrend, but events on the daily chart show pockets of weakness. Although BTC is stagnant, analysts are optimistic, expecting prices to rise in the coming days.
Bitcoin Ready to Surge Higher: Analyst Says Bulls Are Eyeing $140,000
Taking X into consideration, an analyst has chosen An unusual development: On the weekly chart, Bitcoin’s Bollinger Bands (BB) are currently at their tightest level in history. In addition to the events of April 2016 and July 2023, Bitcoin’s BB is tightening, forming a squeeze.
Since BB is a technical indicator used to gauge underlying volatility, what’s happening now should catch traders’ attention. Specifically, prices tend to explode in the coming sessions whenever BB forms a squeeze, compressing to where it is now.
However, traders should also be aware that the direction of the breakout could be in either direction. In the past, Bitcoin prices have gone higher. To illustrate, after the BB tightening in July, the coin continued to soar in the following months, breaking $70,000 in March before rallying to $73,800.
If previous guides and indeed prices explode at the end of this crisis, the analyst predicts Bitcoin will soar to $140,000 and even $190,000 in the coming months.
The expansion would be a welcome boost for bulls considering prices are now in what the analyst described as a “boring zone.”
Any rally above $73,800 and all-time highs, taking BTC to six-figure levels, would automatically be in the “banana zone.”
Spot BTC ETF Issuers on a Buying Spree, Donald Trump Backs It
The confidence that Bitcoin will move higher is also due to fundamental factors. Despite the current price lull after the refreshing surge earlier this week, Bitcoin ETF in Spot issuers are buying.
BlackRock is leading the buying spree. Records show the asset manager bought more than $1 billion worth of BTC in July.
On July 18, an observer observed who purchased 18,600 BTC, or $107 million worth of currency, on behalf of their clients. According to SosoValueAs of July 19, BlackRock’s IBIT managed over $20 billion in BTC.
Further adding fuel to the fire is speculation that if Donald Trump wins the US presidency, his administration may consider BTC as a strategic reserve. While this possibility is debatable for now, it highlights the growing interest from policymakers, which is a major boost for crypto.
Featured image by DALLE, chart by TradingView