Bitcoin May Breakout to $63K
Looking into Bollinger Bands readings, Bitcoin (BTC) may be set for a new breakout which can witness its price to rocket to $63,000 as a potential first target.
Bollinger Bands are a techincal indicator which measures upcoming volatility by utilizing of 20-period simple moving averages (SMA) as midlines alongside two standard deviations above and below the SMA.
Popular cryptocurrency trader Titan of Crypto showcased his analysis on BTC via Twitter, which incorporates monthly Bollinger Bands which point to a potential breakout; an event which has been long-awaited by Bitcoin bulls.
Two previous instances where Bitcoin witnessed a breakout have successfully played-through in 2016 and 2019, as showcased by Titan of Crypto’s technical readings, and if the “inexorable breakout” truly does occur, it would “bring Bitcoin to a solid $63,500” according to Titan of Crypto’s conclusions.
A $63.5k price-tag would represent a 120% upside from today’s price of $28,816 for 1 BTC at the time of writing.
Sources:
https://cointelegraph.com/news/bitcoin-trader-eyes-63k-btc-price-for-new-bollinger-bands-breakout
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