According to Cointelegraph, Bitcoin's Bollinger Bands indicator suggests that BTC's price may break through $110,000. Analyst Crypto Rover pointed out that the Bollinger Bands have reached their tightest state in 12 months, indicating that a significant price movement is imminent.
The chart shared by Crypto Rover shows that Bitcoin Bollinger Bands are the tightest since February 2024, potentially signaling a new high. Bitcoin's price rose 75% between February and March 2024, reaching $74,000.
If history repeats itself, Bitcoin's current price of $108,900 could quickly rise to $190,000. Analysts Cantonese Cat and Frank Fetter have also noted this trend, believing that greater volatility is on the way.
John Bollinger stated that Bitcoin may experience an upward breakout. Cointelegraph reports that despite facing resistance at $110,000, multiple factors still support Bitcoin's rise, including institutional demand and market patterns.
Bitcoin's MVRV ratio is 2.23, above its 365-day simple moving average of 2.15, indicating that the bullish trend is still ongoing. The expansion of global money supply could push Bitcoin to reach $170,000 in the coming months.
