As the cryptocurrency market remains relatively stable, renowned analyst John Bollinger predicts a possible Bitcoin breakout this week.
In a recent Twitter exchange with fellow analyst Bob Loukas, who mentioned that Bitcoin is "coiling and tightening - building pressure," Bollinger echoed the bullish sentiment, stating, "We are almost in a squeeze."
The anticipation of a Bollinger Bands squeeze suggests that the market could soon experience increased volatility, leading to a significant price movement.
The Bollinger Bands indicator, created by John Bollinger, is a popular tool used in technical analysis to measure market volatility and identify potential breakouts. The bands widen during periods of increased volatility and contract when volatility decreases. A squeeze, as mentioned by Bollinger, occurs when the bands contract significantly, indicating a potential upcoming price movement.
This latest prediction comes just weeks after Bollinger tweeted about Bitcoin's boost due to a "flight to quality" on March 20 during an ongoing banking crisis.
At the time, he questioned whether this could be the turning point in the crypto cycle or if the market would punish itself again. The answer to that question may be just around the corner.