A fresh analysis by Coin Bureau, a prominent crypto media outlet, indicates that Bitcoin is poised to experience a surge in volatility. In a recent video, Guy Turner, the host of the YouTube channel, acknowledged that the current configuration of the cryptocurrency market indicates an imminent significant shift. Turner predicts that Bitcoin’s price will either skyrocket or plummet once it breaks out of the current Bollinger band squeeze.
Based on the daily chart’s Bollinger bands’ behavior, Turner’s preliminary projection was established. To solidify his prediction, Turner meticulously analyzed the four-hour and one-hour charts, leaving no room for doubt.
Upon analyzing both charts, it was observed that the Bollinger bands indicator exhibited a comparable pattern, consistent with the higher timeframe. Nevertheless, Turner astutely pointed out that the extended lateral movement of Bitcoin’s value could prove advantageous for altcoins. He expounded that this phenomenon is attributed to investors’ quest for substantial profits during periods of Bitcoin’s sluggishness.
Despite the logical expectation of heightened volatility, the altcoin market has surprisingly maintained a sense of calmness, with only a handful of coins experiencing fluctuations. Turner, a seasoned analyst, attributes this stability to ETH’s recent weakness against BTC, which has resulted in a low level of volatility among altcoins. He further highlights that ETH’s monthly close against BTC has fallen below the crucial Bollinger band moving average, which previously acted as a support during the bullish market but has now been breached.
Furthermore, Turner has astutely noted a diminishing correlation between the cryptocurrency and stock markets, reaching its nadir in nearly 24 months. This presents a formidable challenge in predicting the trajectory of the cryptocurrency market, according to his expert analysis.
Bitcoin has achieved a significant milestone by surpassing the $30,000 mark for the first time this year. This impressive feat was accomplished after breaking through a local high of $29,380, which was established on March 24, 2023. With a current trading value of $30,257, the flagship cryptocurrency has gained over 85% from its starting price this year. The bullish momentum of Bitcoin suggests that prices are likely to continue to rise, making it an attractive investment option for those seeking to capitalize on the cryptocurrency market. According to data from TradingView, Bitcoin’s upward trajectory is expected to persist, making it a promising asset for investors.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
