Bitcoin’s current market cycle shows signs of favoring bullish trends, as identified by Julien Bittel, Head of Macro Research at Global Macro Investor (GMI). Bittel points to a bullish pattern for Bitcoin, indicating the potential for the cryptocurrency to rally up to the $190,000 price level based on specific market signals. Bitcoin has recently gained 2.7% in the past 24 hours, breaking above the $65,000 mark and trading at $65,639, which signifies a strong recovery from its earlier decline in July.
Julien Bittel’s analysis highlights that Bitcoin has the potential to reach six-figure values if its volatility indicators follow historical patterns. He notes that the Bollinger Band (BB) indicator is unusually tight, which historically has only occurred twice before: in April 2016 and July 2023.
In both instances, Bitcoin experienced significant rallies following the compression of the Bollinger Bands. Bittel believes that a similar trend could push Bitcoin’s price to the $140,000-$190,000 range, surpassing its previous all-time highs.
Bitcoin Shows Bullish Signs with Potential Rally to $190,000, Says Julien Bittel
Bittel also remarked on the sluggish nature of the crypto market in the second quarter of 2024, advising investors not to become complacent despite the market’s current ‘boring’ phase. He emphasizes the reliability of the Bollinger Bands as an indicator of upcoming bullish action when the bands narrow.
In his forecast from the previous month, Bittel advised patience, explaining that Bitcoin’s price performance often follows a specific pattern after a halving event, including phases of sharp corrections, sideways trends, and eventual rallies.
While Bitcoin has shown strong weekly gains and a shift in investor sentiment from extreme fear to greed, not all analysts are convinced of an imminent bull run. Experienced crypto trader Rekt Capital argues that Bitcoin is not yet ready to establish the $65,000 price level as a new support.
He suggests that Bitcoin needs to retest and confirm its entry into the $65,000-$70,000 range, potentially breaking out from its re-accumulation phase by September.
Further, CryptoQuant’s CEO, Ki Young Ju, and analyst Willy Woo have expressed concerns about the current demand from retail investors, which is at a three-year low. They both emphasize that a real bull run is typically driven by substantial buying volume from retail investors, which has not yet materialized. This lack of retail participation could pose a challenge to Bitcoin’s potential for significant price rallies in the near term.
