Summary
- It was reported that a Bollinger Bands squeeze has appeared for Bitcoin (BTC), raising the likelihood of a bullish trend.
- The analyst stated that the current range between the upper and lower Bollinger Bands is 7.7%, marking the lowest level in the bull market.
- Past similar cases mostly saw an immediate surge, stressing the possibility of a similar pattern emerging this time.
An analysis has come out suggesting that Bitcoin (BTC)'s Bollinger Bands are tightening, thereby increasing the likelihood of a bullish trend.
On the 8th (local time), Axel Adler Jr., a contributor to CryptoQuant, stated via X (formerly Twitter), "Bitcoin is currently experiencing a typical Bollinger Bands squeeze," adding, "the probability of a breakout to the upside for Bitcoin is very high."
He especially focused on the range between the upper and lower Bollinger Bands. The analyst commented, "Currently, the range between the upper and lower Bollinger Bands is 7.7%, the lowest level in this bull market," and remarked, "This signals that upward pressure is gradually accumulating in the market, which could soon result in strong price volatility."
He also referenced past cases. The analyst said, "Of the six occurrences of a Bollinger Bands squeeze in this bull market, four resulted in immediate surges, while the other two led to advances following a brief correction," emphasizing, "It is highly likely that a similar pattern will occur this time as well."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
