2 months ago 1 min read

Bitcoin Poised A significant Breakout

bitcoin-altcoin market-eth-stock markets

Bitcoin is entering a phase of greater volatility. Guy Turner, the YouTube channel's host, admitted in a recent video that the cryptocurrency's current structure implies an upcoming substantial change. He believes that once Bitcoin breaks out of the current Bollinger band squeeze, it will go significantly higher or down.

Turner's initial estimate is based on the daily chart behavior of the Bollinger bands. Turner proved his prediction by using the lower time frame charts in the four-hour and one-hour charts.

The Bollinger bands indicator on both charts mimicked the higher timeframe's behavior. Turner, on the other hand, believes that the Bitcoin price's sustained sideways trend is beneficial to altcoins. The explanation behind altcoins performing well while BTC trades sideways, revolves around investors' desire for significant returns during periods when Bitcoin is slow.

Despite this logic, the altcoin market has remained quite stable, with only a few coins seeing significant volatility. Turner feels that ETH's weakness vs BTC contributes to altcoin volatility. He pointed out that ETH had its first monthly closing below the important Bollinger bands moving average. That moving average, functioned as support during the bull market but has now been breached.

Turner also discovered a deteriorating association between bitcoin and stock markets, which is at its lowest point in nearly two years.

Bitcoin broke over a local high of $29,380 set on March 24, 2023, to cross $30,000 for the first time this year. The flagship cryptocurrency climbed more than 85% from its initial price this year, reaching $30,575. Based on TradingView statistics, Bitcoin was trading for $30,257 at the time of writing, with a bullish momentum that appears to be pushing prices higher.

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