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\u201cBitcoin\u2019s weekly Bollinger Bands recently hit record tightness,\u201d reported chartered market technician Tony Severino on Wednesday.<\/p>\n
For now, the cryptocurrency has failed to break out above the upper band with strength, despite reaching<\/a> an all-time high of $126,000 earlier this week.<\/p>\n According to past local consolidation ranges, \u201cit could take as long as a hundred days to get a valid breakout (or breakdown, if BTC dumps instead),\u201d he said.<\/p>\n Bollinger Bands are a technical analysis tool used to measure market volatility and identify potential overbought or oversold conditions in assets.<\/p>\n The analyst added that expanding from a squeeze setup like this can lead to \u201chead fakes,\u201d which we might have seen with the latest move.<\/p>\n \u201cWe also might see another head fake down from here before eventually taking off higher,\u201d he said<\/a> before adding:<\/p>\n \u201cThis has the potential to send Bitcoin parabolic, or put an end to the three-year mature bull rally.\u201d<\/p>\n<\/blockquote>\n Chief strategist at Satsuma Technology, Mark Moss, said<\/a> that Bitcoin breaking out to new peaks still doesn\u2019t look anywhere near cycle peaks, \u201cwhile external fundamentals are looking hot.\u201d<\/p>\n \u201cUnlike 2021, the Fed is not tightening; they are loosening, ETFs and BTC [treasury companies] are creating the greatest demand shock, and the world has woken up to the \u2018debasement trade\u2019.\u201d<\/p>\n<\/blockquote>\n Despite today\u2019s 2.5% pullback to the $121,000 level, Bitcoin\u2019s \u2018Uptober\u2019 is still on track<\/a> with the asset up 7% so far this month. BTC has gained in 10 of the past 12 Octobers and 8 of the past 12 fourth quarters, according to Coinglass.<\/p>\n Meanwhile, analyst \u2018Sykodelic\u2019 is one of many who claim that the four-year cycle is no more. \u201cThe clear fact here is that Bitcoin has a fairly large area in which to expand<\/a> before it would recent the end of its price cycle,\u201d he said<\/a> on Wednesday.<\/p>\n \u201cI would not be surprised if Bitcoin will NOT drop below $100k again, as we see $100k resistance turn into $100k support,\u201d said<\/a> Stock-to-Flow model creator \u2018Plan B\u2019.<\/p>\n The September close was the fifth month in a row in six figures, and the same happened with $10, $100, $1,000, and $10,000, he added.<\/p>\n The post Bitcoin\u2019s Weekly Bollinger Bands Hit Record Tightness, Where to Next For BTC?<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\nPotential to Go Parabolic<\/h2>\n
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Uptober Still On Track<\/h2>\n
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