The latest analysis of the analyst with the pseudonym TechDev, Bitcoin It suggests that there could be a significant increase in the price of , doubling its current value of around $69,000 to around $140,000 by July. This prediction is based on the observation that Bitcoin has closed two consecutive months above its upper Bollinger Band, a momentum indicator used in technical analysis.
Is $140,000 or $170,000 Technically Possible?
The market is buzzing with high hopes after the Bollinger Band said that BTC will double in value. Because BTC surpassed the previous ATH before halving. Bollinger Bands, while widely used, are just one of many technical indicators and are reactive rather than predictive. They measure an asset’s momentum and volatility within a certain range, and touching the upper band usually indicates overbought conditions. However, the reliability of such indicators may vary, especially in extreme market conditions.
Meanwhile, SkyBridge Capital CEO Anthony Scaramucci was also bullish on Bitcoin, suggesting it could reach as high as $170,000 during the current cycle. He also predicted that Bitcoin could eventually trade for half the total value of the global gold market, potentially reaching a price of $400,000 per BTC.
Scaramucci, spot Bitcoin ETFHe emphasized that the recent approval of Bitcoin is an important factor that could increase demand for Bitcoin from both retail and institutional investors. These ETFs have already seen significant inflows exceeding $12 billion, indicating growing interest in Bitcoin as an asset class.
The Upside of Crypto Regulations
On the other hand, Ripple CEO Brad Garlinghouse cryptocurrency He is optimistic about the future of the market. A recent report on CNBC revealed that Garlinghouse predicts that the value of the entire crypto industry could double to $5 trillion by the end of this year.
Garlinghouse pointed to several factors driving this bullish outlook. First, he highlighted the upcoming halving event, a major event in Bitcoin’s protocol that has historically led to increased demand and price appreciation. Additionally, Garlinghouse highlighted the impact of regulatory developments that could attract more institutional investors by providing clarity and legitimacy to crypto assets.
Garlinghouse also noted that the growing popularity of Bitcoin exchange-traded funds (ETFs) is another catalyst for broader crypto adoption. These investment products allow investors to gain exposure to Bitcoin without directly owning the underlying asset, making it more accessible to a wider range of investors.
As Koinfinans.com reported, with the Bitcoin halving event less than two weeks away, market participants are eagerly awaiting its impact on the future direction of the cryptocurrency.
