Analysis: Bitcoin’s “extremely tight” weekly Bollinger Bands signal a big rally

Odaily Odaily News: Julien Bittel, head of macro research at Global Macro Investor, a financial consulting publication, said that Bitcoin has recently seen "extremely tight" Bollinger Bands. If volatility signals are like in the past, Bitcoin has a chance to rise to a six-digit historical high. Bittel said that the current state of the Bollinger Bands volatility indicator indicates that Bitcoin will rise sharply. He concluded, "By historical standards, the Bollinger Bands are extremely tight. There are only two other months in history where we have seen such tight weekly Bollinger Bands: April 2016 and July 2023." Bittel continued, "The Bollinger Bands are one of the most important crypto volatility indicators, which can provide insight into the strength of price trends. On a weekly timeframe, the gap between the upper and lower limits is rarely so narrow. Traditionally, what happens next is always good news for bulls. In the previous two events, Bitcoin prices rose sharply in the next 12 months." Last month, Bittel made a similar prediction for the future of Bitcoin, calling for "patience" during the worst price drops in the bull market. Bittel concluded, "If history repeats itself, Bitcoin will break out of the re-accumulation range in September 2024." (Cointelegraph)