Bitcoin prices are firm, steady above $60,000 despite the ultra-high selling pressure that saw it dump double digits from all-time highs. Despite the current development, one analyst, @el_crypto_prof, is bullish, predicting a welcomed price surge based on the BBWP indicator’s development.
Signal Flashes Blue, Time To Buy Bitcoin?
Taking to X, the analyst noted that the BBWP indicator had printed a “blue bar” on the daily chart. Looking back, this suggests that prices could be preparing for a strong run in the weeks ahead.
Confidence is high because prices spiked higher the last time a “blue bar” was printed. This signal has been printed two times before. The first time was in October 2023 and January 2024. The last leg signal printed in January was the basis of BTC soaring above 2021 highs of around $70,000. As mentioned earlier, BTC prices spiked by roughly 80% in both instances.
Beyond this, the analyst also observed that the bullish trend line remains intact, further bolstering the bullish outlook. For this reason, the trader remains upbeat, saying there is a probability of BTC soaring above the immediate liquidation levels to $100,000.
Still, BTC is not guaranteed to rally, aligning with historical performances. Technical indicators like the BBWP tend to lag, depending on “past” price actions to print signals. In the BBWP’s case, volatility is derived from past price action generated by the popular Bollinger Bands (BB).
BTC bulls have failed to take over, pushing prices higher, as in Q1 2024. Market-wide factors have been considered, such as slowing down the upside momentum.
CEO Expects BTC To Range, Vanguard Hires New Executive
Mike Novogratz, CEO of Galaxy Digital, is not bullish. Speaking on Galaxy Digital’s Q1 2024 earnings call, the CEO believes prices will continue consolidating, ranging between $55,000 and $75,000 in the next few weeks. By Novogratz’s estimation, BTC might post a conclusive break higher by June 2023–or the end of Q2 2024.
The CEO also added that dwindling inflows via spot exchange-traded funds (ETFs) shouldn’t be a concern. Overall, there appears to be broader adoption among institutions, a massive endorsement for the coin and the sector.
Comments came with news that Vanguard, an asset manager, appointed Salim Ramji, a former BlackRock executive. The community says Ramji is Bitcoin-friendly and oversaw the launch of BlackRock’s IBIT earlier this year.
Ramji replaces Tim Buckley, a BTC critic. Still, whether Vanguard will reconsider its position on BTC and even initiate plans to issue spot Bitcoin ETFs like BlackRock or Fidelity remains to be seen.
Feature image from Canva, chart from TradingView
