Reserve Dollar

Bitcoin

Rare

Spot

Reserve

Bitcoin may be hovering below its all-time highs, but analysts are turning bullish based on a rare chart formation. Taking to X, the analyst observed that BTC has closed two consecutive months above the upper Bollinger Band on the monthly chart.&nbsp; 
<img loading="lazy" decoding="async" class="size-full wp-image-602070" src="https://www.newsbtc.com/wp-content/uploads/2024/04/GKkLhMlWIAAG2tm.jpg?resize=1024%2C495" alt="Bitcoin rides the Bollinger Bands | Source: Analyst on X" width="1024" height="495" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/GKkLhMlWIAAG2tm.jpg?resize=1024%2C495?w=2854 2854w, https://www.newsbtc.com/wp-content/uploads/2024/04/GKkLhMlWIAAG2tm.jpg?resize=1024%2C495?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/GKkLhMlWIAAG2tm.jpg?resize=1024%2C495?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/GKkLhMlWIAAG2tm.jpg?resize=1024%2C495?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/GKkLhMlWIAAG2tm.jpg?resize=1024%2C495?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/GKkLhMlWIAAG2tm.jpg?resize=1024%2C495?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/04/GKkLhMlWIAAG2tm.jpg?resize=1024%2C495?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/GKkLhMlWIAAG2tm.jpg?resize=1024%2C495?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<h2 id="a-rare-bollinger-band-signal-prints-btc-to-140-000">A Rare Bollinger Band Signal Prints: BTC To $140,000?</h2> 
The analyst&nbsp;<a class="editor-rtfLink" href="https://twitter.com/TechDev_52/status/1776964413603332417" target="_blank" rel="noopener nofollow">said</a> that historically, when Bitcoin closes two consecutive months above the upper Bollinger Band on the monthly chart, prices tend to double within three months. If this pattern holds, Bitcoin will surge to over $140,000 by July 2024, just three months after the Bitcoin halving event. 
Bitcoin is trading below $73,800, the all-time high registered in March 2024. However, after weeks of lower lows, the sharp recovery earlier on April 8 suggests buyers could be flowing back. At press time, the coin is changing hands above $71,800, convincingly breaking above the liquidation level of around $72,000.&nbsp; <a href="https://www.tradingview.com/x/dEXiMO5b/" rel="nofollow"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/dEXiMO5b/" alt="Bitcoin price trending upwards on the daily chart | Source: BTCUSDT on Binance, TradingView" width="1147" height="848"></a> 
Despite the bullish breakout, whether the uptrend continues remains to be seen. Of note is that BTC prices tend to collapse before the Halving, which is set to take place in the coming weeks, dumping to as low as 20%. BTC fell after peaking at $73,800, dropping to around the $60,000 level before snapping back higher to current levels. 
A refreshing close above $74,000 might form the basis of even more gains in the days ahead, perhaps towards $100,000 in the weeks ahead. 
<img loading="lazy" decoding="async" class="size-full wp-image-602072" src="https://www.newsbtc.com/wp-content/uploads/2024/04/GKkR1wnXEAAQRzO.jpg?resize=1024%2C531" alt="BTC might breakout | Source: Analyst on X" width="1024" height="531" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/GKkR1wnXEAAQRzO.jpg?resize=1024%2C531?w=1584 1584w, https://www.newsbtc.com/wp-content/uploads/2024/04/GKkR1wnXEAAQRzO.jpg?resize=1024%2C531?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/GKkR1wnXEAAQRzO.jpg?resize=1024%2C531?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/GKkR1wnXEAAQRzO.jpg?resize=1024%2C531?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/GKkR1wnXEAAQRzO.jpg?resize=1024%2C531?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/GKkR1wnXEAAQRzO.jpg?resize=1024%2C531?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/GKkR1wnXEAAQRzO.jpg?resize=1024%2C531?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
Another analyst&nbsp;<a class="editor-rtfLink" href="https://twitter.com/CryptoMoon2030/status/1776972667444146402" target="_blank" rel="noopener nofollow">suggests</a>&nbsp;that Bitcoin could rally to $140,000 within four weeks, especially if it follows a similar price pattern to December 2020. After breaking above the $20,000 high of 2017, Bitcoin continued to rally, peaking at around $70,000 for a nearly 3X surge. 
Currently, buyers are eyeing the $74,000 mark and the all-time high. If this level is surpassed, as it was in late 2020, the possibility of Bitcoin at least doubling to $140,000 becomes more likely. 
<h2 id="will-halving-macroeconomic-factors-and-spot-etfs-drive-prices">Will Halving, Macroeconomic Factors, And Spot ETFs Drive Prices?</h2> 
The current bullish sentiment might continue. Possible drivers include interest in spot Bitcoin exchange-traded funds (ETFs). So far, billions have been channeled to these products, lifting demand and thus prices. The upcoming Halving event could further buoy demand, lifting prices even higher in the coming months.&nbsp; 
Beyond Bitcoin-driven fundamentals, analysts are also looking at market events, especially in the United States. Some speculate that the United States Federal Reserve (<a href="https://www.newsbtc.com/bitcoin-news/bitcoin-pre-halving-btc-rally-us-fed-decision/" target="_blank" rel="noopener ">Fed</a>) might not slash interest by at least three times this year as labor conditions become firm and inflation slows down. 
If the Fed reduces interest rates, reversing their hawkish outlook, BTC could lead other safe havens in an uptrend.

Bitcoin Can Reach $140,000 After This Rare Signal Prints: Analyst

Table of Contents

NewsBTC

Other articles published on Apr 8, 2024

FTX Founder Sam Bankman-Fried Gets 25-Year Sentence for Fraud

Bitget Lists Tensor (TNSR): Solana’s Premier NFT Marketplace

From Meme to Mainstream: Which Meme Coins are Set for 2024 Stardom?

XRP Price Drops After Massive Whale Dump, Casting Doubt On $1 Target In April

Koala Coin (KLC) Draws a Diverse Crowd from the Stability of Tether (USDT) to the Dynamic World o...

South Korea’s Major Parties Woo Crypto Voters with Bold Proposals Ahead of Parliamentary Elections

Join our free newsletter for daily crypto updates!