Amidst the recent market retracement, notable crypto enthusiast and YouTuber Jeremy DaVinci has sparked optimism in the Bitcoin community.

DaVinci’s analysis revolves around a technical indicator, the Bollinger Bands, suggesting a potential rally in Bitcoin’s price trajectory.

Where Are We Headed To?

According to DaVinci, Bitcoin has closed above the upper Bollinger Bands indicator for two consecutive months, a pattern that historically preceded significant price surges. Drawing from past occurrences, DaVinci hints at the possibility of Bitcoin’s price doubling within three months following this setup.

DaVinci, renowned for his early adoption of Bitcoin and emotional support for the cryptocurrency, has positioned himself as a prominent figure within the crypto space.

With his latest forecast, DaVinci projects Bitcoin’s price to surpass $130,000 within the next three months potentially. This bullish prediction aligns with similar sentiments echoed by other market experts, further supporting optimism among Bitcoin investors.

Things are looking very interesting now.

Bitcoin just closed two months above the upper Bollinger Band!

Historical data shows that whenever this happens, Bitcoin’s price has doubled within three months. pic.twitter.com/jmMpcVzGew

— Davinci Jeremie (@Davincij15) April 9, 2024

Macroeconomic Factors To Drive Bitcoin Rise

Adding to Bitcoin’s bullish sentiment, prominent investor Dan Tapiero has voiced his optimistic outlook for the leading cryptocurrency.

Tapiero, known for his investment insights and founding roles in Gold Bullion International and 10T Holdings, highlighted a significant macroeconomic factor that drives Bitcoin’s potential ascent.

According to Tapiero, the observed correlation in the market points to concerns regarding “monetary debasement” fueled by a substantial increase in the Treasury market over the past five years.

Tapiero’s bullish stance centers on the unique scarcity of Bitcoin as a digital asset, emphasizing its potential to outperform traditional assets like gold.

Most remarkable macro correlation break I’ve seen in some time.

Suggests extreme concern about monetary debasement driven by 60% Treasury mkt increase past 5yrs.

Theme not yet widely subscribed.

Bullish #GOLD and more so when rates drop.

Vaults #Bitcoin    to 200k+
pic.twitter.com/muI1CNtN0h

— Dan Tapiero (@DTAPCAP) April 8, 2024

While acknowledging the favorable prospects for gold in such a scenario, Tapiero remains particularly bullish on Bitcoin’s future price trajectory. His forecast hints at the possibility of Bitcoin surpassing the $200,000 mark, offering investors an opportunity for substantial gains in digital gold.

The asset has demonstrated resilience amid these speculations and predictions regarding BTC’s possible price rally in the coming months. While Bitcoin has plunged nearly 5% in the past 24 hours, it has traded above $69,000 at the time of writing.

Featured image from Unsplash, Chart from TradingView

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Filed under: Bitcoin - @ April 9, 2024 11:00 pm