A new analysis suggests that Bitcoin (BTC) has a maximum of 10 days before experiencing another round of price volatility.
In a recent post on X (previously known as Twitter) on February 7th, popular social media trader HornHairs highlighted an uncommon signal involving the Bollinger Bands volatility indicator.
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Trader Predicts Major Price Movement for BTC
Despite Bitcoin’s narrow trading range in recent months, a new chart signal suggests that could soon change.
The Bollinger Band Width (BBW), which measures the difference between the three standard deviation bands commonly used in the Bollinger Bands volatility indicator, has reached historically low levels that have previously resulted in significant price movements for BTC/USD.
BBW width rarely drops to these levels, and each time it has, there has been a sharp price “squeeze” for Bitcoin. However, the direction of the upcoming move remains uncertain.
“We have a maximum of 10 days before a major move for BTC,” commented HornHairs.
The Bollinger Bands indicator has frequently indicated periods of volatility in recent months, with the bands narrowing to levels rarely seen in the history of Bitcoin.
On the daily timeframe, BTC/USD is currently trading between the midpoint and upper bands, searching for a new direction, according to data from Cointelegraph Markets Pro and TradingView.
Bitcoin enthusiasts anticipate the upcoming halving
As Cointelegraph continues to report, frustration is growing among BTC/USD traders as the price remains stagnant ahead of the April block subsidy halving.
Experts have made various predictions for BTC’s price, with some expecting it to surpass $60,000 before the halving, while others have more conservative estimates but still anticipate price discovery before the end of 2024.
Uncertainty in the macroeconomic landscape, particularly in the US regional banking sector, has also led to downward price predictions, with some suggesting a potential floor of $30,000.
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