Early Bitcoin (BTC) adopter Jeremy DaVinci has shared insights into the potential price trend for the digital currency. Taking to his official X handle, DaVinci highlighted the interesting times the crypto industry is in with sustained parabolic growth in the price of Bitcoin.
Despite the retracement Bitcoin faced earlier this month, DaVinci said the price of the asset has closed above the upper Bollinger Bands indicator for two consecutive months. According to him, the last time this event happened, the price of the coin jumped as high as 2x in just two months after the setup was confirmed.
As a YouTuber and crypto advocate, Jeremy DaVinci has created a brand for himself as one of the major backers of Bitcoin in particular. DaVinci was an early Bitcoin adopter and has gained recognition for this in the broader industry. By his latest call, DaVinci believes the price of Bitcoin can top $140,000 in three months, a bullish forecast that is reminiscent of other market experts’ projections.
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
Bitcoin has printed a series of all-time highs (ATH) over the past month, and though there is an ongoing correction, the coin is judged to be in price discovery with a likelihood of further jumps.
Bitcoin catalysts to watch
While Bitcoin price predictions do not follow a linear path as market influence also weighs it down, there are guaranteed market triggers that can help actualize the bullish forecasts.
The spot Bitcoin ETF market is top of the list of bullish factors surrounding the underlying cryptocurrency. With massive capital inflow, ETF issuers have been gobbling up the remaining BTC on crypto trading platforms, stirring a supply crunch that is favorable for prices.
The Bitcoin halving event slated for later this month adds another bullish dynamic to the BTC price surge momentum. The reduced emission will complement the supply to set the coin up for impending growth in the long term.
