Bitcoin, whose value exceeded $72,000 on Monday, April 8, continues to rise in price. According to experts, in the next three months the growth level of this cryptocurrency could reach $140 thousand.
Why Bitcoin's rate may double
According to an analysis conducted by a specialist under the pseudonym TechDev, the price of Bitcoin, which is currently around $69,000, could double within three months. The basis for this forecast was the behavior of Bitcoin in relation to the Upper Bollinger Band, a technical indicator that measures market volatility.
“Every time Bitcoin has done this in the past, its price has doubled over the next three months,” TechDev notes.
If these forecasts come true, then Bitcoin could reach $140,000 by July.
What are Bollinger Bands
Bollinger Bands are a technical analysis tool that indicates the momentum and volatility of an asset within a specific range. Prices near the upper band usually signal overbought conditions.
Let us remind you that according to analysts’ forecasts, the next level of cryptocurrency growth will reach $85 thousand. This follows from the symmetrical triangle trading pattern that Bitcoin showed on Tuesday, April 9.
And at the beginning of the week, on Monday, April 8, the price of Bitcoin was 72.2 thousand dollars per coin, which is 4% more than the previous value. This increase occurred after a period of price volatility.
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