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As we approach the end of September, Bitcoin (BTC) enthusiasts continue to monitor the potential uptrend and indicators point to a positive outlook. The largest cryptocurrency has already ignited an upward trend with a green candle for this month, and if the candle closes in green, this trend is expected to continue into October.
Bitcoin Price Consolidates According to Bollinger Bands
John Bollinger, the creator of the widely used technical analysis indicator, Bollinger Bands, shared his latest views on Bitcoin on September 28. The 73-year-old market expert stated in a tweet that there was a two-bar reversal at the lower Bollinger Band (BB) on September 11/12 for BTCUSD, which he believed to be a significant technical development.
Bollinger also said, “This is a good formation to move towards the upper band, but it requires a bit more strength to confirm.” To provide a visual context for his statement, Bollinger also shared the chart below.
In addition to BB, other Bitcoin fundamentals are also falling into place. Cryptocurrency analyst Matthew Hayland highlighted on September 29 that the two-week BB for Bitcoin has reached the narrowest level since 2015, and it is currently the narrowest range ever seen. Historically, such narrow range formations are usually followed by sharp price movements that catch many people off guard. Hayland also noted significant tightening on the weekly BB.
Positive Signs in Bitcoin’s Price Performance
Beyond BB, Bitcoin’s overall performance is also showing positive signs. Cryptocurrency analyst Gert van Lagen pointed out that there has been a significant rise in Bitcoin’s moving averages. On September 28, Lagen stated in a tweet that the 200-day Simple Moving Average (SMA) has crossed above the 200-week SMA, which can be seen as a bullish signal. This follows an upward crossover that included the daily 200 and Weekly 200 Exponential Moving Averages (EMAs) in June.
However, when all these technical indicators and expert opinions are combined, renewed optimism emerges for the Bitcoin market, indicating the potential for an upward movement.
The largest cryptocurrency, BTC, has been consolidating tightly since a significant rise above $27,000 on September 28 followed by a pullback. At the time of writing, BTC is trading at $26,864.
