BTC Monthly Bollinger Bands Remain Bullish as Analyst Declares Onset of Bullish Bitcoin Consolidation Period

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Bitcoin Nears Key Breakout as Ali Predicts $99K Thanksgiving Rally

  • BTC Monthly Bollinger Bands remain bullish. 
  • Analyst believes a bullish Bitcoin consolidation period has begun. 
  • Is BTC truly heading into a recovery or is it another fake pump?

Analysts remain watching the BTC price chart carefully. According to many analysts, Bitcoin price is set to make a steady recovery and then head towards much higher targets leading into what could become an extended bull run. Monthly Bollinger Bands remain bullish, leading analysts to believe the start of a bullish Bitcoin consolidation period.

BTC Monthly Bollinger Bands Remain Bullish 

As we can see from the post above, this analyst believes that a bullish Bitcoin consolidation period is underway. Based on the chart shared in the post above, the analyst expects that Bitcoin (BTC) is digesting the Q4 2024 run-up. He also states that the Monthly Bollinger Bands remain bullish and that the price of BTC is well above the center line. 

Analyst Declares Onset of Bullish Bitcoin Consolidation Period 

Having highlighted all these bullish indicators, the analyst concludes that Bitcoin (BTC) price is heading towards higher highs and possibly higher trend targets. This conclusion is further supported by Bitcoin’s price action today. According to CoinMarketCap analytics, the price of Bitcoin has reclaimed the $87,000 price range and remains to be heading upwards in a green frenzy.

While most traders are pleased to see this upward price movement, one analyst remains bearish. He expected a fake pump before a devastating dip to $50,000 to $60,000 price for BTC. This creates some confusion, is the current pump a true recovery or will the price of BTC hit much lower lows in the coming weeks ahead?

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