Bitcoin's volatility assessment indicator Bollinger Bands have reached their "narrowest point" in a year. Cryptocurrency trader and analyst Matthew Hyland said that it is currently showing a similar pattern to July 2023, which caused Bitcoin to surge 20% in the next four months. If history repeats itself, Bitcoin's current price of $63,845 could quickly rise to an all-time high of $76,614 by November. Hyland explained that it may still take "a few weeks", but he believes that Bitcoin is very close to an "explosive trend".
Cryptocurrency trader MaxBecauseBTC said: "The Bollinger Bands on the Bitcoin weekly time frame have only been so tight twice in history... in April 2016 and August 2023." (Cointelegraph)