U.Today – Recently, there has been a lot of talk among cryptocurrency market participants about what the future holds for (BTC). On July 30, some of the most influential figures in the cryptocurrency community shared their opinions on the current state and potential future of Bitcoin.
Thus, 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 would be able to remain “alive” and have money. Another well-known figure, BTCVIX, also acknowledged the difficulty of the past few months for traders.
However, he did point out one important technical indicator: Bitcoin is currently experiencing its third-tightest weekly Bollinger Bands in history, suggesting that a major price move is still ahead for Bitcoin.
Bitcoin Price Outlook
Interestingly, John Bollinger, creator of Bollinger Bands, supported this suggestion. He said that the market is in a “genuine crisis” right now and that price action is likely to become more chaotic.
Bollinger also mentioned that a two-bar reversal pattern at the lower band could be a key factor in future price movements, but warned of some potential supply at the upper border that could affect Bitcoin.
In the next two days, we are likely to see the development of this outlook, as the Bitcoin price has broken the simple moving average (SMA) within the Bollinger Bands. This development cannot be considered positive, as the SMA represents a strong level of price support.
The break of this level indicates that there is no interest from buyers at the moment, and in the Bollinger Bands paradigm, the BTC price is trending towards the lower band, which is currently at $58,422.
This article was originally published on U.Today
