Jeremy DaVince, an early Bitcoin (BTC) backer, has provided some thoughts on Bitcoin‘s potential pricing pattern. Using his official Twitter account (@XJeremyDaVinci), he pointed out the intriguing moments in the crypto sector with Bitcoin’s price experiencing a prolonged upward surge that resembles a parabola.
Bitcoin’s price dipped earlier this month, but DaVinci points out that it has ended above the upper limit of the Bollinger Bands for the past two months. He believes that the last time this occurred, the cryptocurrency’s value surged as much as twice its initial price within a couple of months following the confirmation of this pattern.
Jeremy DaVinji, known for his YouTube channel and strong support of cryptocurrencies like Bitcoin, has built a reputation as one of the leading investors in this digital asset. DaVinci was among the first to embrace Bitcoin and has since gained industry acclaim for his early adoption. According to his recent predictions, the price of Bitcoin could reach an astounding $140,000 within the next three months – a bold forecast echoing the bullish views of other market analysts.
The current situation with Bitcoin is quite intriguing. Recently, Bitcoin finished two consecutive months above the upper Bollinger Band. Previous trends indicate that when this occurs, Bitcoin’s value tends to double within a three-month period.
— Davinci Jeremie (@Davincij15) April 9, 2024
Over the past month, Bitcoin has set new record prices multiple times, even if it’s currently experiencing a pullback. Experts believe that the cryptocurrency is still in the process of determining its true value and could potentially rise even higher.
Bitcoin catalysts to watch
Although the price of Bitcoin doesn’t always rise in a straight line due to market influences, there are definite events or signals in the market that can make optimistic predictions come true.
The Bitcoin ETF market, where investors can buy shares linked to the price of Bitcoin, is currently a significant positive factor influencing the cryptocurrency. As large amounts of money flow into these ETFs, issuers are buying up the limited supply of Bitcoin on crypto exchanges. This increased demand is creating a shortage of Bitcoin, which in turn can drive up prices.
Later this month, the Bitcoin halving is scheduled to occur, bringing an additional factor fueling the upward trend of BTC‘s price. With fewer new coins being released into circulation, the existing supply will be strengthened, positioning Bitcoin for potential long-term expansion.
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2024-04-09 14:16