A crypto analyst has forecasted that Bitcoin, the world’s largest cryptocurrency, will double in price in the coming months.
Bitcoin Price Displays Rare Technical Pattern
In a recent X (formerly Twitter) post, a crypto analyst and Bitcoin enthusiast identified as ‘TechDev’ disclosed a rare technical pattern observed in BTC’s price movements. Sharing a price chart illustrating Bitcoin’s historical price fluctuations since 2011, TechDev unveiled a distinct correlation in the cryptocurrency’s price movements across 2013, 2017 and 2022.
According to the analyst, Bitcoin’s price during these years had closed two consecutive months over the upper Bollinger bands. He revealed that previously when this happened, the price of BTC had doubled within three months from its initial price value.
Based on his analysis of this rare technical indicator, TechDev disclosed that a similar pattern was showing up for BTC’s price in 2024. This suggests that the cryptocurrency may see its price doubling to almost $140,000 by July 2024.
At the time of writing, the price of Bitcoin is trading at $69,740, reflecting a 0.57% increase over the past 24 hours, according to CoinMarketCap. The cryptocurrency has been on a notable uptrend since the beginning of the year, reaching new all-time highs well before the anticipated Bitcoin halving this April.
With BTC’s price trajectory on a steady momentum and capturing the attention of the broader crypto community, this latest forecast adds more fuel to the growing hype and bullish sentiment surrounding the cryptocurrency.
Countdown To The Halving Event
Popular crypto analyst, Ali Martinez, has begun a countdown to the highly anticipated Bitcoin halving event set for April 2024. Expressing optimism about the 4-year Bitcoin supply cut, Martinez revealed that there were less than two weeks left until the halving event kicked in.
During this period, the block rewards for BTC miners will be cut in half, reducing the rate at which new coins are created and thus decreasing the supply and potentially increasing the value of the cryptocurrency.
Santiment reports have revealed a strong inclination that the market’s current elevated performance may likely continue up until the halving event.
Conversely, Martinez disclosed that selling pressures could take hold of the current market if Bitcoin witnessed an upswing to $70,190. He projected around $33 million in liquidations across derivatives exchanges if BTC rises to the aforementioned target.
Furthermore, the crypto analyst noted a significant rise in sellers during Bitcoin’s recent dip below $70,000. Predicting a potential rebound to $70,875, he anticipates approximately $72 million in liquidations.