As the price of Bitcoin (BTC) has only just begun to recover from a stall it suffered over the last few days, the flagship decentralized finance (DeFi) coin is demonstrating a signal that has historically indicated a significant move on the horizon in the following weeks.
Specifically, the Bollinger Bands Width (BBW) squeeze indicator on its two-week chart has given a green signal for Bitcoin, whereas, on its one-week chart, it has only occurred twice before in the maiden asset’s history, as observed by the pseudonymous cryptocurrency analyst Moustache on February 27.
According to the analyst, the above two one-week indicator occurrences preceded some of the largest events in the history of the cryptocurrency market – the biggest bull run ever that took place in 2016, and the implosion of the crypto trading platform FTX, the latter of which delivered some important lessons.
As the crypto analyst Axel Adler Jr. at CryptoQuant stressed:
“It became clear after the FTX crash that the BTC price could not fall any further due to psychological factors, rather than a set of metrics that had not yet signaled the end of the bear cycle,” and “the final rise in price began after the New Year when sellers were completely exhausted at the 16.5K level.”
Bitcoin price analysis
Meanwhile, Bitcoin was at press time trading at the price of $23,431, demonstrating a modest increase of 0.68% from its weekly decline that amounted to 3.52% and adding up to the 1.51% gain over the previous 30 days, as the latest charts indicate.
If the chart patterns repeat Bitcoin’s trends, it would mean a strong possibility of realizing the predictions made by the artificial intelligence (AI) platform CoinPriceForecast that had earlier set a bullish price for the maiden digital asset for both mid-year and the end of 2023.
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