Bitcoin’s daily chart shows pockets of weakness, despite the uptrend. Although BTC’s price is flat, analysts remain optimistic and expect it to increase in coming days.
Analysts say bulls are eyeing $140,00
Taken to X by one analyst picked out Unusual development: On the weekly chart the Bollinger Bands for Bitcoin are currently at their highest level ever. The Bitcoin BB has tightened, forming a squeeze, besides the April 2016 and July 2020 events.
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As BB is a tool used to measure volatility, it’s important to understand what the underlying trend of BB looks like. Check out our latest offers! Should attract traders’ interest. Prices tend to spike within the first few days of the month. next Few sessions anytime BB compresses to now.
The breakout direction can also be either way. Bitcoin has historically risen higher in price. For example, following the BB squeeze of July, Bitcoin prices soared in the months that followed, with the coin breaking $73,000 by March and then rising to $73,800.
The analyst believes that Bitcoin could reach as high as $190,000. next Few months.
This would give bulls a welcome boost, as prices have been in a state that the analyst called a “boring zone.”
BTC would enter the category if there was an increase above $73,800 or at all time highs. “banana zone.”
Watch BTC ETF issuers on a buying spree and Donald Trump’s endorsement
Bitcoin is expected to rise in price due to a number of fundamental reasons. The current price slump is not the only factor. After the refreshment surge this week spot Bitcoin ETF Issuers buy.
BlackRock has been at the forefront of this purchase spree. The asset manager purchased over $1 billion worth of BTC during July.
A single observer was present on the 18th of July. noted They bought 18600 BTC or $107 million in coin on behalf their customers. According to SosoValueBlackRock IBIT managed over 20 billion dollars worth of BTC as of 19 July.
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It is also speculated, and this adds fuel to the flame, that, if Donald Trump were elected president of the United States, then his administration would consider BTC as a strategic reserve. This possibility, while debatable at the moment, highlights the increasing interest of policymakers in crypto.
Chart by TradingView with DALLE as the featured image
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Source: www.newsbtc.com