Bitcoin enthusiasts are optimistic as September comes to a close, with indications pointing towards a potential bullish trend in the cryptocurrency. The month has already seen a bullish candle, suggesting the possibility of continued growth into October if the candle closes positively. Technical indicators are turning green, adding to the positive sentiment surrounding Bitcoin.
Market veteran John Bollinger, the creator of Bollinger Bands, a widely used market indicator, shared his insights on the Bitcoin trend. He noted a two-bar reversal at the lower Bollinger Band on September 11/12, which he considered a significant technical factor. Bollinger expressed that this setup could lead to a walk up the upper band, pending further strength to confirm. Visual context was provided through a shared chart.
Alongside Bollinger Bands, other Bitcoin fundamentals are falling into place. Crypto analyst Matthew Hayland highlighted that the two-week Bollinger Bands for Bitcoin have reached their tightest levels since 2015, and they are currently the tightest ever recorded. Historically, such tight squeezes have often been followed by explosive price movements.
Additionally, Gert van Lagen, another crypto analyst, pointed out a bullish cross in Bitcoin’s moving averages, with the 200-day Simple Moving Average crossing above the 200-week SMA. These technical indicators and expert opinions have brought renewed optimism to the Bitcoin market, suggesting the potential for an upward surge.