Bitcoin Poised for a 200% Rally as Analyst Spot Rare Bullish Pattern

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	14,222,743,330	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

14,222,743,330

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.001726	-1.04%	0.164271	0.164261	0.164271

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.001726

-1.04%

0.164271

0.164261

0.164271

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.16614	0.163843	0.165997	0.165997	0.077142 - 0.170321

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.16614

0.163843

0.165997

0.077142 - 0.170321

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	10:52:09	189.33	0.164271	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

10:52:09

189.33

0.164271

USD

Price x Volume	Volume	Base Symbol	Related Pairs
51,429.00	312,596.43	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

51,429.00

312,596.43

Bitcoin Poised for a 200% Rally as Analyst Spot Rare Bullish Pattern

23/08/2024 10:00pm

NEWSBTC

Amid Bitcoin’s current gradual recovery in price, attention has been drawn towards the asset as it prepares to be on the verge of closing its seventh consecutive monthly candle above the all-time high (ATH) of 2021. Renowned crypto analyst Moustache recently took to X to highlight this key milestone, emphasizing the importance of higher timeframes in trading. According to Moustache, the fact that Bitcoin is holding above its previous ATH every month is a strong indicator of support, which could signal continued upward momentum shortly. Related Reading: Top Economist Predicts Bitcoin Price Top Before Worst Recession Since 1929 Is Bitcoin Building Momentum For A Big Move? Mustache’s analysis noted, “Can everyone see what’s happening here? BTC is about to close its SEVENTH monthly candle above the ATH of 2021. The higher the timeframe, the stronger the support. That’s bullish [to be honest].” This statement highlights the significance of long-term support levels in his BTC outlook. Notably, in trading, when an asset consistently closes above a previous peak on higher timeframes, it often indicates that the market is forming a solid foundation for future growth. This observation is particularly relevant for Bitcoin, which has historically exhibited strong price movements following extended periods of consolidation and support-building. While Bitcoin’s sustained support above its previous ATH is a positive sign, another technical indicator also highlighted by the same analysts: the Bollinger Band Width Percentile (BBWP). BBWP Indicator Signals 200% Rally Ahead In a recent post, Moustache pointed out that the BBWP on Bitcoin’s 2-week (2W) chart signals the emergence of blue bars, a rare occurrence only seen once in Bitcoin’s history. The BBWP is a tool used in technical analysis to measure the width of the Bollinger Bands, which are volatility indicators that reflect the range of an asset’s price movement. The blue bars in the BBWP indicate a period of low volatility, which often precedes significant price swings. Moustache explained the implications of this signal, disclosing that the last time the BBWP signaled multiple blue bars on the 2W-Chart of BTC, BTC saw almost a 200% upward move. “Incidentally, this is only the second time we’ve seen blue bars in the BBWP. This has never happened before in history,” Moustache noted. This observation suggests that Bitcoin could be on the cusp of a major price movement, with the potential for significant gains if the historical pattern holds. Related Reading: Bitcoin And NASDAQ Show Tight Correlation: What Does This Mean For BTC? Notably, the BBWP’s indication of low volatility aligns with the concept that markets often experience a surge in price action following periods of calm. In Bitcoin’s case, the current environment of subdued volatility, as indicated by the blue bars, may be setting the stage for a significant price breakout. Featured image created with DALL-E, Chart from TradingView

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

TRXUSD TRON