Cryptocurrency analyst Matthew Hyland noted that the Bollinger Bands, which measure the volatility of Bitcoin (BTC), have reached their narrowest point in the last 12 months. This indicates that a significant move in BTC price is imminent. Hyland emphasized that this is the third time such a tightness has been seen on weekly timeframes since January 2009 and said, "A move is almost inevitable."
In line with Hyland's analysis, other analysts have also noticed this squeeze. MaxBecauseBTC noted that Bitcoin's weekly Bollinger Bands have only narrowed this much twice. Furthermore, Kristoph Jeffers of Three Jay Partners stated that even the daily bands have not narrowed this much. These experts suggested that Bitcoin's consolidation period may soon come to an end, potentially leading to an explosive price action.
