Originally published on: May 06, 2023
Bitcoin is on the verge of making historic gains, with a prominent trader eyeing a potential surge to $63,000 thanks to a breakout on the Bollinger Bands indicator. The Titan of Crypto recently highlighted a rare bull signal on the Bitcoin monthly chart, signaling an incoming uptrend.
While short-term price movements remain uncertain, the overall consensus is bullish as Bitcoin approaches its block subsidy halving. By examining past halving cycles, particularly in terms of volatility, analysts like Titan of Crypto believe that Bitcoin is gearing up for a significant breakout event.
The Bollinger Bands indicator, which revolves around a 20-period simple moving average (SMA), is a key volatility indicator that tracks price movements. By breaking above the SMA line on the monthly BTC/USD chart, Bitcoin could be poised for a classic bull run similar to previous cycles.
According to the Titan of Crypto, this breakout is “inexorable,” signaling a potential target of $63,000 in the near future. While it may not reach its all-time high immediately, the price target could align with the upcoming halving event in a year’s time.
Last month, John Bollinger, the creator of the Bollinger Bands, also noted the critical position of Bitcoin on daily timeframes. As the price hovers near the upper band, analysts are closely monitoring the potential for further gains in the coming weeks.
Despite recent price corrections, the Bollinger Bands norms on lower timeframes remain intact, suggesting that Bitcoin is still on track for a significant breakout. With the price targeting the upper band at around $35,790, investors and traders are preparing for a potential surge in the near future.
As always, it’s important to conduct your own research and due diligence before making any investment decisions. Stay informed and subscribe to our Markets Outlook newsletter for more critical insights and opportunities in the cryptocurrency market.
