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Bitcoin Bollinger Bands Signal $190K Target

Bitcoin's compressed Bollinger Bands signal a potential rise to $190,000, with volatility cues skewed in favor of bulls.

• Main Points:

  • Bollinger Bands Compression: Historically tight Bollinger Bands suggest significant price movement.

  • Potential Price Target: Analysis points to BTC reaching $140,000 to $190,000.

  • Historical Patterns: Previous tight Bollinger Bands preceded substantial price increases.

  • Current Market: BTC is up 11% in the past week, hovering around $64,000.

  • Future Outlook: September 2024 is seen as a critical period for a potential breakout.

• Detailed Insights:

  • Bollinger Bands Compression: Bitcoin's Bollinger Bands, a key volatility indicator, are at historically tight levels. According to Julien Bittel, head of macro research at Global Macro Investor, such compression has only occurred twice before, in April 2016 and July 2023, both times leading to significant price increases.

  • Potential Price Target: Bittel suggests that the current tight Bollinger Bands could propel Bitcoin to a price range of $140,000 to $190,000 if historical patterns hold.

  • Historical Patterns: The last two instances of similar Bollinger Bands compression saw Bitcoin prices rise significantly over the following twelve months. This historical precedent suggests a bullish outlook for Bitcoin if the pattern repeats.

  • Current Market: As of July 19, Bitcoin is trading at around $64,000, up 11% over the past week. This increase follows a period of low volatility and hints at potential continued upward momentum.

  • Future Outlook: Popular trader Rekt Capital notes that a Bitcoin breakout from its current range could occur in September 2024, based on historical patterns. However, mainstream retail investor interest remains low, contrasting with institutional and whale accumulation behaviors.

Related: Bitcoin Hits Bull Market Trendline, Eyeing 30% Gains

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Solana Soars 17% as Traders Spot Bullish Pennant

Solana (SOL) traders are eyeing a bullish pennant pattern that could indicate further price gains, following a 17% surge over the past week.

• Main Points:

  • Bullish Pennant Formation:Traders identify a bullish pennant on Solana’s price chart.

  • Recent Price Surge: SOL price has jumped 17% in the past seven days.

  • Market Performance: Second highest growth among top cryptocurrencies.

  • Trading Caution: Experts advise caution with leverage.

  • Futures Market:Rising open interest suggests increased bullish sentiment.

• Detailed Insights:

  • Bullish Pennant Formation: Crypto traders have noticed a bullish pennant pattern forming on Solana’s price chart. This pattern typically indicates the potential for further price increases following a period of consolidation within a triangle shape after a downward move. "SOL HUGE PENNANT on the 1D chart," noted CryptoBusy on July 18.

  • Recent Price Surge: Over the past seven days, Solana's price surged by 17%, making it one of the top-performing cryptocurrencies. At the time of writing, Solana is trading at $160.94.

  • Market Performance: Solana has seen the second-highest growth among the top ten cryptocurrencies by market capitalization, following XRP's 23.57% rise, according to CoinMarketCap data.

  • Trading Caution: Crypto trader Honey cautions against overleveraging on Solana, noting that it is in a pivotal area. She advises traders to be cautious and avoid heavy leverage in this uncertain region.

  • Futures Market: The open interest (OI) in Solana futures has increased by 22.14% to $2.13 billion over the past ten days, indicating growing bullish sentiment among futures traders.

Related: Why is Solana (SOL) Rising Today?

Ethereum ETF Race Intensifies as 8 Issuers Reveal Fees

As the July 23 deadline for launching spot Ethereum ETFs approaches, asset management firms disclose their management fees, signaling imminent SEC approval.

• Main Points:

  • BlackRock's Strategy: Initial fee cut to 0.12% for first 12 months.

  • Fee Comparison: Franklin Templeton offers the lowest fee at 0.19%.

  • Market Impact: Expected ETF inflows to boost ETH price and the broader market.

  • Current Price: ETH is trading at $3,460, up 8% over the past week.

• Detailed Insights:

  • BlackRock's Strategy: BlackRock will charge a 0.25% management fee for its spot Ethereum ETF, ETHA. Initially, the fee will be reduced to 0.12% for the first 12 months or until the ETF reaches $2.5 billion in net assets. This strategy mirrors their IBIT Bitcoin ETF, which quickly amassed nearly $20 billion in assets under management.

  • Fee Comparison: Franklin Templeton’s spot Ethereum ETF will have the lowest fee at 0.19%. Bitwise and VanEck set their fees at 0.20%, 21Shares at 0.21%, and both Fidelity and Invesco Galaxy match BlackRock’s 0.25%. Many issuers, including Bitwise, Fidelity, and VanEck, plan to waive fees initially, with specific conditions for the waiver periods.

  • Market Impact: According to K33 Research, inflows into Ethereum ETFs could significantly boost ETH’s price and the overall cryptocurrency market. Historical data shows that Bitcoin ETFs increased the crypto market cap by 46% in 2024, suggesting a similar trend for Ethereum.

  • Current Price: As of now, Ethereum is trading at $3,460, showing a sideways movement over the past 24 hours with a slight decrease of 0.6% since Wednesday. Despite this, ETH is up 8% over the past week.

Related: Analyst Updates Spot Ether ETF Launch Date Prediction Amid SEC Delays

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results