Bitcoin‘s (BTC) future has sparked renewed debate due to recent comments from key figures in the cryptocurrency market. On July 30, several influential crypto figures shared their thoughts on Bitcoin’s current state and potential future.
Experts’ Bitcoin Commentary
Economist Alex Kruger highlighted the challenging market conditions, suggesting that only a few investors might still be “alive” and have money when Bitcoin reaches a new record.
Another well-known figure, BTCVIX, acknowledged that the past few months have been tough for investors but noted that the largest cryptocurrency is currently experiencing its third narrowest weekly Bollinger Bands in history. According to him, this indicates that a significant price movement is still possible.
John Bollinger, the creator of Bollinger Bands, confirmed BTCVIX’s view. Bollinger stated that the market is currently in a “real squeeze,” and price movements are likely to become more chaotic. He also mentioned that a two-bar reversal pattern at the lower band could be a significant factor for future price movements. However, he warned that potential selling pressure at the upper limit could impact Bitcoin.
Critical 2 Days
Analysts and experts expect a change in Bitcoin’s situation within the next two days because the price has broken the simple moving average (SMA) within the Bollinger Bands. This development cannot be considered positive as the SMA represents a strong price support level. Breaking this level indicates that there are currently no buyers, and Bitcoin’s price is trending towards the lower band in the Bollinger Bands paradigm. The lower band for Bitcoin is currently at $58,422.
While uncertainty about Bitcoin’s future price movements continues to occupy investors, technical indicators signal that a potential significant price movement is on the table. Nevertheless, the overall market direction remains uncertain.
