{"id":637498,"date":"2024-08-23T21:00:54","date_gmt":"2024-08-23T21:00:54","guid":{"rendered":"https:\/\/wncen.com\/?p=637498"},"modified":"2024-08-23T16:54:12","modified_gmt":"2024-08-23T16:54:12","slug":"bitcoin-poised-for-a-200-rally-as-analyst-spot-rare-bullish-pattern","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/bitcoin-poised-for-a-200-rally-as-analyst-spot-rare-bullish-pattern\/","title":{"rendered":"Bitcoin Poised for a 200% Rally as Analyst Spot Rare Bullish Pattern"},"content":{"rendered":"<p>Amid Bitcoin&#8217;s current gradual recovery in price, attention has been drawn towards the asset as it prepares to be on the verge of closing its seventh consecutive monthly candle above the all-time high (ATH) of 2021.<\/p>\n<p>Renowned crypto analyst Moustache recently took to X to <a href=\"https:\/\/x.com\/el_crypto_prof\/status\/74556355\" target=\"_blank\" rel=\"noopener nofollow\">highlight<\/a> this key milestone, emphasizing the importance of higher timeframes in trading.<\/p>\n<p>According to Moustache, the fact that Bitcoin is holding above its previous ATH every month is a strong indicator of support, which could signal continued <a href=\"https:\/\/wncen.com\/news\/bitcoin\/top-economist-bitcoin-price-top-before-recession\/\" target=\"_blank\" rel=\"noopener \">upward momentum <\/a>shortly.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/top-economist-bitcoin-price-top-before-recession\/\" target=\"_blank\" rel=\"noopener \">Top Economist Predicts Bitcoin Price Top Before Worst Recession Since 1929<\/a><\/div>\n<h2>Is Bitcoin Building Momentum For A Big Move?<\/h2>\n<p>Mustache&#8217;s analysis noted, \u201cCan everyone see what&#8217;s happening here? BTC is about to close its SEVENTH monthly candle above the ATH of 2021. The higher the timeframe, the stronger the support. That&#8217;s bullish [to be honest].\u201d<\/p>\n<figure style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GVpvl5iXEAAVc5F?format=jpg&amp;name=medium\" alt=\"Chart shared by Moustache on X showing Bitcoin about to close above its peak in 2021. \" width=\"1200\" height=\"587\"><figcaption class=\"wp-caption-text\">The chart Mustache shared on X shows Bitcoin is about to close above its peak in 2021. Source: Moustache via X<\/figcaption><\/figure>\n<p>This statement highlights the significance of long-term support levels in his BTC outlook. Notably, in trading, when an asset consistently closes above a previous peak on higher timeframes, it often indicates that the market is forming a <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-perform-better-september\/\" target=\"_blank\" rel=\"noopener \">solid foundation for future growth<\/a>.<\/p>\n<p>This observation is particularly relevant for Bitcoin, which has historically exhibited <a href=\"https:\/\/wncen.com\/news\/bitcoin-floor-ceo-predicts-38000-will-be-the-lowest-btc-goes\/\" target=\"_blank\" rel=\"noopener \">strong price movements<\/a> following extended periods of consolidation and support-building.<\/p>\n<p>While Bitcoin\u2019s sustained support above its previous ATH is a positive sign, another technical indicator also highlighted by the same analysts: the Bollinger Band Width Percentile (BBWP).<\/p>\n<h2>BBWP Indicator Signals 200% Rally Ahead<\/h2>\n<p>In a recent post, Moustache <a href=\"https:\/\/x.com\/el_crypto_prof\/status\/96091623\" target=\"_blank\" rel=\"noopener nofollow\">pointed out<\/a> that the BBWP on Bitcoin\u2019s 2-week (2W) chart signals the emergence of blue bars, a rare occurrence only seen once in Bitcoin\u2019s history.<\/p>\n<figure style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GVl1JCKXMAAX17A?format=jpg&amp;name=medium\" alt=\"Bitcoin chart shared by Moustache on X showing the blue bar emergence.\" width=\"1200\" height=\"615\"><figcaption class=\"wp-caption-text\">The bitcoin chart shared by Moustache on X shows the emergence of the blue bar. Source: Moustache via X<\/figcaption><\/figure>\n<p>The BBWP is a tool used in technical analysis to measure the width of the Bollinger Bands, which are <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-and-nasdaq-show-tight-correlation-what-does-this-mean-for-btc\/\" target=\"_blank\" rel=\"noopener \">volatility indicators<\/a> that reflect the range of an asset&#8217;s price movement. The blue bars in the BBWP indicate a period of low volatility, which often precedes significant price swings.<\/p>\n<p>Moustache explained the implications of this signal, disclosing that the last time the BBWP signaled multiple blue bars on the 2W-Chart of BTC, BTC saw almost a 200% upward move.<\/p>\n<p>&#8220;Incidentally, this is only the second time we&#8217;ve seen blue bars in the BBWP. This has never happened before in history,\u201d Moustache noted. This observation suggests that Bitcoin could be on the cusp of a major price movement, with the potential for significant gains if the historical pattern holds.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-and-nasdaq-show-tight-correlation-what-does-this-mean-for-btc\/\" target=\"_blank\" rel=\"noopener \">Bitcoin And NASDAQ Show Tight Correlation: What Does This Mean For BTC?<\/a><\/div>\n<p>Notably, the BBWP\u2019s indication of low volatility aligns with the concept that markets often experience a surge in price action following periods of calm. In Bitcoin\u2019s case, the current environment of subdued volatility, as indicated by the blue bars, may be setting the stage for a <a href=\"https:\/\/wncen.com\/bitcoin-news\/is-bitcoin-ready-to-soar-key-indicators-signal-potential-72k-target\/\" target=\"_blank\" rel=\"noopener \">significant price breakout<\/a>.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/rEL54Mhj\/\" alt=\"Bitcoin (BTC) price chart on TradingView.com\" width=\"2770\" height=\"1496\"><figcaption class=\"wp-caption-text\">BTC price is moving sideways on the 2-hour chart. Source: BTC\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p>Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Amid Bitcoin&#8217;s current gradual recovery in price, attention has been drawn towards the asset as it prepares to be on the verge of closing its seventh consecutive monthly candle above the all-time high (ATH) of 2021. Renowned crypto analyst Moustache recently took to X to highlight this key milestone, emphasizing the importance of higher timeframes in trading. According to Moustache, the fact that Bitcoin is holding above its previous ATH every month is a strong indicator of support, which could signal continued upward momentum shortly. Related Reading: Top Economist Predicts Bitcoin Price Top Before Worst Recession Since 1929 Is Bitcoin Building Momentum For A Big Move? Mustache&#8217;s analysis noted, \u201cCan everyone see what&#8217;s happening here? BTC is about to close its SEVENTH monthly candle above the ATH of 2021. The higher the timeframe, the stronger the support. That&#8217;s bullish [to be honest].\u201d This statement highlights the significance of long-term support levels in his BTC outlook. Notably, in trading, when an asset consistently closes above a previous peak on higher timeframes, it often indicates that the market is forming a solid foundation for future growth. This observation is particularly relevant for Bitcoin, which has historically exhibited strong price movements following extended periods of consolidation and support-building. While Bitcoin\u2019s sustained support above its previous ATH is a positive sign, another technical indicator also highlighted by the same analysts: the Bollinger Band Width Percentile (BBWP). BBWP Indicator Signals 200% Rally Ahead In a recent post, Moustache pointed out that the BBWP on Bitcoin\u2019s 2-week (2W) chart signals the emergence of blue bars, a rare occurrence only seen once in Bitcoin\u2019s history. The BBWP is a tool used in technical analysis to measure the width of the Bollinger Bands, which are volatility indicators that reflect the range of an asset&#8217;s price movement. The blue bars in the BBWP indicate a period of low volatility, which often precedes significant price swings. Moustache explained the implications of this signal, disclosing that the last time the BBWP signaled multiple blue bars on the 2W-Chart of BTC, BTC saw almost a 200% upward move. &#8220;Incidentally, this is only the second time we&#8217;ve seen blue bars in the BBWP. This has never happened before in history,\u201d Moustache noted. This observation suggests that Bitcoin could be on the cusp of a major price movement, with the potential for significant gains if the historical pattern holds. Related Reading: Bitcoin And NASDAQ Show Tight Correlation: What Does This Mean For BTC? Notably, the BBWP\u2019s indication of low volatility aligns with the concept that markets often experience a surge in price action following periods of calm. In Bitcoin\u2019s case, the current environment of subdued volatility, as indicated by the blue bars, may be setting the stage for a significant price breakout. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":637506,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,629,6848,1119,78790,6664,10923],"class_list":["post-637498","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-bitcoin-price-prediction","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market"],"acf":[],"yoast_head":"\n<title>Bitcoin Poised for a 200% Rally as Analyst Spot Rare Bullish Pattern<\/title>\n<meta name=\"description\" content=\"Amid Bitcoin current gradual recovery in price, attention has been drawn towards the asset as it prepares to close its seventh consecutive...\" \/>\n<meta name=\"robots\" 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.\",\"sameAs\":[\"https:\/\/x.com\/0xEdyme\"],\"url\":\"https:\/\/wncen.com\/author\/samueledymeabayomi\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Poised for a 200% Rally as Analyst Spot Rare Bullish Pattern","description":"Amid Bitcoin current gradual recovery in price, attention has been drawn towards the asset as it prepares to close its seventh consecutive...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/bitcoin-news\/bitcoin-poised-for-a-200-rally-as-analyst-spot-rare-bullish-pattern\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin Poised for a 200% Rally as Analyst Spot Rare Bullish Pattern","og_description":"Amid Bitcoin current gradual recovery in price, attention has been drawn towards the asset as it prepares to close its seventh 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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