There has been a lot of talk in the cryptocurrency market lately about what the future holds for Bitcoin (BTC). On July 30, some of the most influential figures in the crypto community shared their thoughts on the current status of Bitcoin and its potential future.
For example, Alex Kruger recently shared his thoughts on the difficult market conditions. He suggested that when Bitcoin reaches new all-time highs, only a few traders may remain “alive” and have money. Another well-known figure, BTCVIX, also acknowledged the difficulties of the last few months for traders.
However, he pointed to an important technical indicator: Bitcoin is currently showing the third-tightest weekly Bollinger Band in history, suggesting that a major move in Bitcoin’s price is still possible.
Bitcoin Price Outlook
Interestingly, John Bollinger, the creator of Bollinger Bands, has joined the proposal. He said the market is now in a “real squeeze” and price action is likely to become more chaotic.
Bollinger also mentioned that the two-bar reversal pattern at the lower boundary could be a key factor in future price moves, but he warned of potential supply at the upper boundary that could impact Bitcoin.
In the next two days, we are likely to see this forecast develop as Bitcoin price has broken the simple moving average (SMA) inside the Bollinger Bands. This development is not positive as the SMA represents a strong price support level.
A break of this level indicates that there is currently no buying interest and in the Bollinger Bands paradigm, the BTC price is heading towards the lower band, which is currently at $58,422.
