Bitcoin Price Forecast: Historic Bollinger Band Squeeze Points to Imminent Breakout

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Arslan Butt

Crypto Writer

Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

October 27, 2024

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Bitcoin’s price is gearing up for a major shift, as indicated by an exceptionally tight Bollinger Band formation. Bollinger Bands, a tool used by traders to measure price volatility, consist of two lines around the price that expand or contract based on volatility.

When these bands squeeze tightly, called a “Bollinger Squeeze,” it suggests low volatility, often preceding a strong price movement.

Technical analyst Tony Severino recently pointed out that Bitcoin’s 2-week Bollinger Bands are experiencing their third tightest formation in history.

“A huge move is coming,” Severino noted, highlighting that while the squeeze signals an impending breakout, it doesn’t indicate direction.

In simple terms, Bitcoin’s price has remained unusually stable recently, but this calm phase rarely persists in the crypto market. The squeeze often foreshadows a surge or decline, depending on which way the pressure releases.

For investors, this could be a pivotal moment, as the breakout could shape Bitcoin’s trend in the near term.

• What’s a Bollinger Squeeze? Tight Bollinger Bands signal low volatility, hinting at a coming price breakout.
• Expert Insight: Analyst Tony Severino notes this is one of the tightest formations in Bitcoin’s history.
• What to Expect: A significant price movement—upward or downward—could be imminent as the squeeze releases.

Bitcoin Price Steady Near $67,000; Major Hurdle at $68,500

Bitcoin is consolidating within a narrow range, with support near $66,350 and resistance around $67,800. The pivot point is set at $67,210, with immediate resistance at $67,800 and further resistance at $68,490.

On the downside, key support lies at $66,350, followed by $65,620. A breakout above $67,800 could trigger bullish momentum, while a drop below $66,350 may initiate a bearish trend.

The Relative Strength Index (RSI) at 50 indicates a neutral stance, and the 50-period EMA at $67,220 supports mild upward pressure.

In this setup, Bitcoin’s price action remains range-bound, awaiting a decisive breakout. The neutral RSI reflects ongoing consolidation, poised for a directional move.

• Consolidation Zone: BTC trades within $66,350–$67,800, indicating market indecision.
• RSI Insight: RSI at 50 signals neutral momentum, awaiting breakout.
• 50 EMA: Positioned at $67,220, showing slight bullish support.

Conclusion: A breakout from this range could define Bitcoin’s next move, with $67,800 as key resistance and $66,350 as critical support.

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