Rare indicator flashes green for Bitcoin; What does it mean for BTC price?

As nan value of Bitcoin (BTC) has only conscionable begun to retrieve from a stall it suffered complete nan past fewer days, nan flagship decentralized finance (DeFi) coin is demonstrating a awesome that has historically indicated a important move connected nan sky successful nan pursuing weeks.

Specifically, nan Bollinger Bands Width (BBW) compression parameter connected its two-week floor plan has fixed a greenish awesome for Bitcoin, whereas, connected its one-week chart, it has only occurred doubly earlier successful nan maiden asset’s history, arsenic observed by nan pseudonymous cryptocurrency expert Moustache connected February 27. 

Historical 2-week BBW compression parameter for Bitcoin. Source: Moustache

According to nan analyst, nan supra 2 one-week parameter occurrences preceded immoderate of nan largest events successful nan history of nan cryptocurrency market – nan biggest bull tally ever that took spot successful 2016, and nan implosion of nan crypto trading level FTX, nan second of which delivered immoderate important lessons.

Historical 1-week BBW compression parameter for Bitcoin. Source: Moustache

As nan crypto expert Axel Adler Jr. astatine CryptoQuant stressed: 

“It became clear aft nan FTX clang that nan BTC value could not autumn immoderate further owed to psychological factors, alternatively than a group of metrics that had not yet signaled nan extremity of nan bear cycle,” and “the last emergence successful value began aft nan New Year erstwhile sellers were wholly exhausted astatine nan 16.5K level.”

Bitcoin value analysis

Meanwhile, Bitcoin was astatine property clip trading astatine nan value of $23,431, demonstrating a humble summation of 0.68% from its play diminution that amounted to 3.52% and adding up to nan 1.51% summation complete nan erstwhile 30 days, arsenic nan latest charts indicate.

Bitcoin 30-day value chart. Source: Finbold

If nan chart patterns repetition Bitcoin’s trends, it would mean a beardown anticipation of realizing nan predictions made by nan artificial intelligence (AI) level CoinPriceForecast that had earlier group a bullish value for nan maiden integer plus for some mid-year and nan end of 2023.

Disclaimer: The contented connected this tract should not beryllium considered finance advice. Investing is speculative. When investing, your superior is astatine risk.