Amid the recent market retracement, notable crypto enthusiast and YouTuber Jeremy DaVinci has done just that sparked optimism in the Bitcoin community.
DaVinci’s analysis revolves around a technical indicator, the Bollinger Bands, which suggests a possible rally in Bitcoin’s price trajectory.
Where are we going?
According to DaVinci, Bitcoin has closed above the upper Bollinger Bands indicator for two consecutive months, a pattern that has historically preceded significant price increases. Based on previous events, DaVinci hints at the possibility of Bitcoin’s price doubling within three months of this setup.
Known for his early adoption of Bitcoin and emotional support for the cryptocurrency, DaVinci has positioned himself as a prominent figure within the crypto space.
With his latest prediction, DaVinci expects the price of Bitcoin to potentially surpass $130,000 within the next three months. This bullish forecast aligns with similar sentiments echoed by other market experts, further supporting optimism among Bitcoin investors.
It looks very interesting now.
Bitcoin just closed two months above the upper Bollinger Band!
Historical data shows that when this happens, the price of Bitcoin doubles within three months. pic.twitter.com/jmMpcVzGew
— Davinci Jeremy (@Davincij15) April 9, 2024
Macroeconomic factors driving Bitcoin’s rise
Adding to Bitcoin’s bullish sentiment, prominent investor Dan Tapiero has also done so expressed his optimistic view of the leading cryptocurrency.
Tapiero, known for his investment insights and founding roles at Gold Bullion International and 10T Holdings, highlighted a key macroeconomic factor driving Bitcoin’s potential rise.
According to Tapiero, the observed correlation in the market points to concerns about “monetary debasement” fueled by a substantial rise in the government bond market over the past five years.
Tapiero’s bullish stance focuses on Bitcoin’s unique scarcity as a digital asset, emphasizing its potential to outperform traditional assets like gold.
The most notable break in macro correlation I’ve seen in a while.
Suggests extreme concern about the monetary reduction caused by a 60% increase in the mkt of government bonds in the last five years.
Theme not yet widely endorsed.
Bullish #GOLD and even more so if rates fall.
Safes #Bitcoinup to 200k+
🚀 🚀 pic.twitter.com/muI1CNtN0h— Dan Tapiero (@DTAPCAP) April 8, 2024
While Tapiero acknowledges the favorable prospects for gold in such a scenario, he remains particularly optimistic about Bitcoin’s future price trajectory. His prediction hints at the possibility of Bitcoin crossing the $200,000 mark, offering investors a chance for substantial gains in digital gold.
The asset has shown resilience amid these speculations and predictions about the possible price appreciation of BTC in the coming months. Although Bitcoin is down almost 5% over the past 24 hours, it was trading above $69,000 at the time of writing.
Featured image from Unsplash, chart from TradingView
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.