- The leading cryptocurrency has already displayed a bullish candle this month, and if it closes green, it suggests this trend may continue into October.
- Among these developments, John Bollinger, the creator of a widely used market indicator called Bollinger Bands, shared his views.
- Matthew Hayland, in a tweet on Friday, mentioned that the two-week Bollinger Bands for Bitcoin
have reached their narrowest levels since 2015 and are currently the narrowest bands recorded.
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John Bollinger shared his thoughts on the Bitcoin price, indicating a price breakout: What will be the target for BTC?
The Creator of Bollinger Bands Evaluated Bitcoin
As we approach the end of September, Bitcoin enthusiasts are keeping an eye on potential bullish trends, and the signs indicate a positive trajectory. The leading cryptocurrency has already displayed a bullish candle this month, and if it closes green, it suggests this trend may continue into October.
Among these developments, John Bollinger, the creator of a widely used market indicator called Bollinger Bands, shared his views. The 73-year-old Bollinger mentioned in a tweet on Thursday that a two-bar reversal in the Bollinger Band for BTC/USD occurred on the dates of September 11th and 12th and considered it an important technical factor.
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Bollinger also tweeted: “This is a good setup for a walk along the upper band; just need a bit more power to confirm.” He shared the chart below to provide visual context:
Beyond Bollinger Bands, other fundamental factors for Bitcoin are also falling into place. Crypto analyst Matthew Hayland mentioned in a tweet on Friday that the two-week Bollinger Bands for Bitcoin have reached their narrowest levels since 2015 and are currently the narrowest bands recorded.
Historically, when such squeezes occur, explosive price movements often follow, surprising many. Hayland also noted that he closely watches the weekly Bollinger Band width, which has significantly narrowed as well.
Positive Signs in Bitcoin’s Performance
Beyond Bollinger Bands, Bitcoin’s overall performance has shown positive signs. Another crypto analyst, Gert van Lagen, emphasized that a significant bullish cross in Bitcoin’s moving averages has occurred. In a tweet on Thursday, he mentioned that the 200-day Simple Moving Average (SMA) has crossed above the 200-week SMA, considered a bullish signal. This follows a bullish crossover of the faster daily 200 and weekly 200 Exponential Moving Averages (EMA) in June.
However, these technical indicators and expert opinions combined have renewed hope in the Bitcoin market, signaling the potential for an upward rally.
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In the meantime, after an impressive surge above $27,000 following a price retracement, Bitcoin has remained in tight consolidation. At the time of writing, BTC was trading at $26,932 with a 0.70% decrease in the last 24 hours.