Bitcoin is poised for a significant move, according to a recent analysis by Coin Bureau, a leading crypto media outlet. The video, hosted by Guy Turner, suggests that the cryptocurrency’s current setup indicates an impending significant move. Turner believes that Bitcoin’s price will move significantly higher or lower as soon as it breaks out of the current Bollinger band squeeze.
Turner’s initial projection comes from the Bollinger bands’ behavior on the daily chart. He further confirmed his forecast using the lower time frame charts in the four-hour and the one-hour charts. The Bollinger bands indicator on both charts replicated a similar behavior, as seen on the higher timeframe. However, Turner noted that the prolonged sideways movement of the Bitcoin price is good for altcoins.
According to Turner, the logic behind altcoins performing well when BTC trades sideways revolves around investors’ pursuit of large gains during periods when Bitcoin is slow. Despite this logic, the altcoin market has remained calm, with limited volatility, except for a few coins. Turner believes that ETH’s weakness against BTC plays a role in the low volatility among altcoins.
He noted that ETH saw its first monthly close against BTC below the key Bollinger bands moving average. According to Turner, that moving average served as support during the bull market but has now been broken. Additionally, Turner observed a weakening correlation between the cryptocurrency and stock markets, which is at its lowest level in almost two years. In his view, that makes it harder to forecast the outcome of the cryptocurrency market.
Bitcoin made headlines recently by crossing $30,000 for the first time this year after breaking through a local high at $29,380, established on March 24, 2023. By reaching $30,575, the flagship cryptocurrency gained over 85% from its starting price this year. As of the time of writing, Bitcoin exchanged for $30,257, according to data from TradingView, with a bullish momentum that looks to push prices higher.
It’s important to note that the views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
In conclusion, Bitcoin is preparing for a significant breakout, according to Coin Bureau’s analysis. Turner’s forecast is based on the Bollinger bands’ behavior on the daily chart, with confirmation from the four-hour and one-hour charts. While Bitcoin’s prolonged sideways movement is good for altcoins, the altcoin market remains calm, with limited volatility. ETH’s weakness against BTC plays a role in the low volatility among altcoins, and there is a weakening correlation between the cryptocurrency and stock markets, making it harder to forecast the outcome of the cryptocurrency market.