According to Bloomberg, the narrowest bollinger bands ever suggest that Bitcoin is consolidating for a major outbreak right now.
Bloomberg remains optimistic about Bitcoin as long as it remains above a significant support level. A Bloomberg analyst named McGlone says the declining volatility we see at the moment is making the tightest Bollinger Bands ever. This indicates and a consolidation phase.
Bitcoin price of $ 13,000 quite possible
McGlone says he expects a massive outbreak to follow the consolidation phase. In his opinion, Bitcoin is therefore preparing to rise above the $ 13,000 resistance. At the same time, he says it’s critical that the price doesn’t drop below $ 6,500:
“Our graph shows the 260-day upward moving average. This means that when Bitcoin breaks the tight range, the $ 13,000 resistance is a good first target to achieve. Dropping below the bottom band of $ 6,500 would jeopardize the upward trend. ”
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Bitcoin volatility is decreasing
McGlone further noted that Bitcoin’s volatility against gold is the lowest since the record bull run of 2017 and is well below average:
“The 260-day volatility, about 4.4x that of gold. This is the lowest volatility differential since April 2017. The average is approximately 6.4x and the peak was 12.2x in 2011. ”
Bloomberg recently predicted that Bitcoin could regain record highs of $ 20,000, and even rise to a new high of $ 28,000.
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