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  • Grayscale’s GBTC tops ETFs, Standard Chartered bullish on BTC, Meme Moguls trending in BTC ETF buzz

    Grayscale’s GBTC tops ETFs, Standard Chartered bullish on BTC, Meme Moguls trending in BTC ETF buzz

    • Standard Chartered forecasts $200K Bitcoin by late 2025, banking on ETF approval.
    • Grayscale’s GBTC outpaces 99% of ETFs, trading close to half a billion dollars.
    • Meme Moguls, a meme-backed stock market, enters the crypto space with presale buzz.

    As the crypto world buzzes with anticipation over the potential approval of spot Bitcoin ETFs in the US, major players are making bold predictions. Standard Chartered forecasts a staggering $200,000 target for Bitcoin by late 2025, contingent on ETF approval.

    Simultaneously, Grayscale’s Bitcoin Trust (GBTC) is making waves, outpacing the majority of ETFs in trading volume. Amidst this, a new player, Meme Moguls, is poised to capitalize on the ETF momentum.

    Standard Chartered’s $200K Bitcoin projection with ETF approval

    Standard Chartered, a banking giant, has made a striking projection for Bitcoin’s future. The multinational firm predicts a potential surge to nearly $200,000 by late 2025, riding on the approval and success of Bitcoin exchange-traded funds (ETFs) in the US. This optimistic forecast, shared on X by Entrepreneur and Bitcoin investor Lark Davis, is underpinned by the belief that spot Bitcoin ETFs could attract significant inflows, ranging from $50-100 billion in 2024.

    The bank’s Head of Digital Assets, Geoff Kendrick, and Precious Metals Analyst Suki Cooper base this projection on the assumption that US-listed spot Bitcoin ETFs could hold a substantial amount of Bitcoin by the end of 2024, potentially multiplying its current price by 4.3 times. Kendrick and Cooper draw parallels with the growth trajectory of gold exchange-traded products, envisioning a more rapid ascent for Bitcoin given the expected faster development of the BTC ETF market.

    Grayscale’s GBTC outpaces ETFs in trading volume

    While Standard Chartered makes forward-looking predictions, Grayscale’s Bitcoin Trust (GBTC) has already demonstrated significant prowess.

    According to industry expert Eric Balchunas, GBTC traded close to half a billion dollars on January 8, surpassing over 99% of the approximately 3,000 existing ETFs. Balchunas points out that if spot Bitcoin ETFs get approved, Grayscale will enter the market with substantial trading volume, giving it a significant advantage over its competitors.

    Meme Moguls seizing the opportunities amid the ETF buzz

    In the midst of the ETF buzz, a newcomer is entering the arena – Meme Moguls. This platform positions itself as the world’s first meme-backed stock market/exchange. As the crypto community eagerly awaits the potential approval of spot Bitcoin ETFs, Meme Moguls aims to capitalize on the growing interest in the cryptocurrency market.

    The Meme Moguls ecosystem is powered by the Meme Moguls Governance Token ($MGLS), featuring diverse meme-inspired assets and engaging community-driven features like a casino, trading platform, fantasy trader, and a metaverse world named Mogul Land.

    Meme Moguls is currently in the presale stage of its MGLS token, offering participants an opportunity to get involved in the world of meme trading and potentially become part of a groundbreaking utility-based memecoin. With a $10,000 giveaway at the end of each presale stage and ambitious plans to create 100 millionaires within the first three months of launch, Meme Moguls is setting high expectations.

    In the presale’s current stage, participants can access $MGLS for $0.0027, with a total supply of 3 billion tokens. Analysts predict substantial growth for $MGLS, aligning with the overall bullish sentiment in the cryptocurrency market.

    Conclusion

    In this dynamic landscape, where traditional financial institutions make ambitious forecasts, established entities like Grayscale showcase real-time strength, and emerging platforms like Meme Moguls strive to carve their niche, the crypto market remains an ever-evolving space.

    As the spotlight remains on the potential approval of spot Bitcoin ETFs, these developments mark significant steps in the maturation of the cryptocurrency ecosystem.

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  • Ferrari adds BTC, ETH, XRP to payment options; ADA, DOGE & QUBE ready for a jump

    Ferrari adds BTC, ETH, XRP to payment options; ADA, DOGE & QUBE ready for a jump

    The high-octane world of luxury cars has always been a hotbed for innovation, not just in design and performance, but also in the realm of customer experience and payment methods. On October 14, Ferrari, the iconic luxury carmaker, took a leap into the future by accepting crypto payments. 

    As we witness the impact of this move, there’s a new ICO in the crypto arena that’s been steadily garnering attention and redefining how we invest in AI technology startups – InQubeta ($QUBE).

    InQubeta ($QUBE) – a gateway to AI investments

    In a world increasingly driven by Artificial Intelligence, startups are often at the intersection of breakthrough innovations and immense growth potential. However, channelling investments into these ventures has been a challenge that often deterred potential investors. InQubeta is on a mission to revolutionize this space.

    Providing a robust platform for fractional investment in AI startups, InQubeta introduces QUBE tokens as the bridge connecting potential investors with promising startups. These startups, in their quest for funds, create some of the coolest NFTs representing either rewards or equity. These NFTs are then available for purchase by investors using QUBE tokens, creating a symbiotic relationship where startups acquire necessary capital, and investors enjoy the returns and benefits based on their NFT holdings.

    More than just another crypto to buy, QUBE is also a deflationary ERC20 coin, with an in-built burn mechanism. Moreover, as a governance token, QUBE is not just a passive investment. It grants its holders the power to shape the platform’s future, making decisions, proposing changes, and voting on pivotal aspects of InQubeta’s journey.

    Ensuring security and trust, InQubeta has received a positive audit from Hacken and a KYC verification from BlockAudit. With an ongoing presale that has already raked in over $3.7 million, the platform’s roadmap hints at a future filled with expansion; one that will make QUBE the best crypto investment of this decade.

    You can now buy a Ferrari with Crypto

    As reported by Reuters on Oct. 14, Ferrari has now opened the gates for its clientele to purchase luxury cars using the best cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). Partnering with BitPay as its payment processor, this iconic brand ensures a seamless transaction experience for its customers. 

    Regardless of whether a client chooses to pay with traditional currency or cryptocurrency, there will be no difference in prices, fees, or surcharges. While the offering currently caters to U.S. customers, Ferrari also has its eyes set on the European market.

    The rising tide: ADA, DOGE & QUBE

    With the increasing integration of cryptocurrencies in mainstream industries, top altcoins like ADA Cardano (ADA), Dogecoin (DOGE), and InQubeta (QUBE ) are poised for significant market movements. As businesses and consumers alike become more crypto-savvy, these tokens, backed by robust projects and utilities, are likely to see a surge in demand and valuation.

    Cryptocurrencies are no longer the outliers; they’re rapidly becoming the norm. As we stand at this juncture, it’s not just about the cars we drive or the tokens we invest in; it’s about the future we’re collectively crafting. Pioneering platforms like InQubeta highlight the evolving narrative of the modern financial landscape. 

    To take part in the InQubeta project you can visit InQubeta Presale and join The InQubeta Communities.

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  • MicroStrategy’s latest BTC purchase sets Bitcoin price in motion

    MicroStrategy’s latest BTC purchase sets Bitcoin price in motion

    • Bitcoin is defending the $26k after the recent MicroStrategy’s latest BTC purchase.
    • Concerns over the US dollar’s impact on BTC may be overstated by investors.
    • Coinbase holds about 5% of the total bitcoin in circulation.

    MicroStrategy’s recent acquisition of Bitcoin worth nearly $150 million has made waves in the cryptocurrency market, causing a notable shift in Bitcoin’s price dynamics.

    The move was a demonstration of MicroStrategy, a prominent business intelligence firm led by CEO Michael Saylor, of its strong commitment to Bitcoin. The recent Bitcoin purchase sent ripples throughout the cryptocurrency world.

    A boost to Bitcoin price

    Before MircoStrategy’s BTC acquisition announcement, Bitcoin had briefly dipped below the $26,000 level, around which it has been hovering for a week. However, as soon as news of the purchase became public, Bitcoin price saw a significant upward movement, gaining several hundred dollars in value and hitting a daily high of $26,421.51.

    In addition to MicroStrategy’s purchase, China’s Shanghai People’s Court also recently made a significant announcement recognizing Bitcoin as a distinctive digital currency, despite the country’s established ban on cryptocurrencies. This recognition has garnered attention, notably due to Justin Sun, the founder of Tron, drawing attention to the Shanghai No. 2 Intermediate People’s Court’s recent publication, which outlines key characteristics of Bitcoin.

    The Shanghai court clearly distinguished Bitcoin from virtual counterparts like Q coins, emphasizing its unique attributes. These include Bitcoin’s scarcity, widespread global acceptance, and intrinsic monetary qualities. This acknowledgement represents a notable departure from China’s traditional classification of cryptocurrencies primarily as speculative investments.

    The recognition by the Shanghai People’s Court marks a shift in how Bitcoin is officially perceived within the Chinese legal system. While the ban on cryptocurrencies remains in place in China, this recognition of Bitcoin’s distinct nature as a digital currency signifies a nuanced perspective on its role and significance within the broader financial landscape. It highlights the evolving discourse surrounding cryptocurrencies in China and their potential utility beyond speculation.

    Bitcoin’s resilience

    Despite the volatility in recent weeks, Bitcoin has shown resilience. Last week, it reached a 20-day high at $27,500, only to experience a drop to $26,400 by the end of the business week, partly influenced by the US Federal Reserve’s latest meeting.

    The weekend remained relatively stable, with Bitcoin maintaining a level of around $26,600. However, Monday started on a bearish note, leading to a temporary dip below $26,000.

    MicroStrategy’s announcement acted as a catalyst, helping Bitcoin recover from this low point. While MicroStrategy’s continuous accumulation of Bitcoin strengthens the company’s position as a major institutional investor in the cryptocurrency, it also underscores the growing acceptance of Bitcoin as a valuable digital asset.

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  • Microstrategy has bought an additional 5,445 BTC

    Microstrategy has bought an additional 5,445 BTC

    • MicroStrategy says it acquired the additional 5,445 bitcoins for $147.3 million at the average price of $27,053 per coin.
    • The company now holds 158,245 bitcoins acquired for a total of $4.68 billion.

    MicroStrategy Inc. (NASDAQ: MSTR), a leading finance software company, has added to its Bitcoin (BTC) haul again.

    In crypto news shared on Monday by Michael Saylor, the company’s founder and chairman, MicroStrategy recently acquired an additional 5,445 bitcoins to bring its total BTC holdings to over 158k.

    MicroStrategy now holds 158,245 bitcoins

    According to a filing with the US Securities and Exchanges Commission (SEC), MicroStrategy purchased the BTC for $147.3 million, acquiring each coin at the average price of $27,053. Per the document, the company now holds 158,245 BTC, which was cumulatively acquired for $4.68 billion. The average price of the entire acquisition is $29,582 per bitcoin.

    Saylor shared the news on his official X account on Monday.

    Bitcoin price outlook after MicroStrategy news

    BTC has not moved much over the past few days, with price ranging around the $26k level amid a lack of volatility across the market. On Monday, the benchmark cryptocurrency’s value was hovering around $26,130 on major crypto exchanges, with CoinGecko data showing a -1.8% return in the past 24 hours and 4.6% in the past seven days (as of 09:55 ET).

    For MicroStrategy, the declines below $27k (which was the average price for the latest purchase) means the 5,445 coins have seen a depreciation in value at current prices.

    As to what happens next for BTC, popular crypto analysts say there’s possibility fresh negativity could send the flagship crypto to support below $25k. A notable anchor below this level would be the psychological $20k zone.

    Crypto analyst and trader Joe Burnett says a bullish flip for BTC will take it to a new all-time high. With supply “incredibly dry”, all Bitcoin needs is a “spark of demand.”

    Among other catalysts, analysts are looking at the upcoming bitcoin halving and the potential for a first spot Bitcoin ETF approval by the SEC. Asset investment giant BlackRock is one of the companies looking to offer access to a spot ETF.

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  • Coinbase is largest Bitcoin (BTC) holder in the world: Arkham

    Coinbase is largest Bitcoin (BTC) holder in the world: Arkham

    Coinbase Crypto Exchange Logo And Bitcoin Symbol
    • Arkham announced it identified nearly $25 billion in Bitcoin in crypto exchange Coinbase’s portfolio.
    • The BTC holdings are approximately 948,000, closer to the 1 million BTC of Satoshi Nakamoto.
    • Coinbase is thus the world’s largest known Bitcoin entity, Arkham analysts said on X.

    Blockchain intelligence firm Arkham has reported that Coinbase holds Bitcoin (BTC) worth about $25 billion, making the cryptocurrency exchange the world’s largest entity holding the flagship digital asset.

    Arkham says Coinbase holds nearly 1 million BTC

    Arkham’s announcement on Friday was that it had identified nearly 1 million BTC on-chain for Coinbase reserves, with this making the US-based crypto behemoth “the largest Bitcoin entity in the world on Arkham.” The holdings account for about 5% of all bitcoin in existence and means the exchange’s BTC is nearly as much as that attributed to Bitcoin creator Satoshi Nakamoto.

    Coinbase is also reportedly home to 36 million deposit and holding addresses for BTC, one of which is a cold wallet with 10,000 BTC. There could be millions of other untagged assets, the intelligence platform noted.

    “Arkham has identified and tagged over 36 Million BTC deposit and holding addresses used by Coinbase, with their largest cold wallet containing ~10K BTC. Based on their most recent financials, Coinbase likely has thousands more BTC not yet labeled,” Arkham posted on X.

    Other than Bitcoin, the Coinbase portfolio also has 1.68 million Ethereum (ETH), 68.6 million Chainlink (LINK), nearly 223 million USD Coin (USDC) and 921,000 BNB (BNB). These assets contribute to Coinbase’s crypto portfolio of over $29 billion, according to data on Arkham as of September 22.

    Arkham’s report comes as Coinbase expanded its services further with a regulatory approval in Spain. As CoinJournal highlighted earlier today, the company has secured registration with the Bank of Spain to offer services as a crypto exchange and crypto custody wallet provider.

    Official entry into Spain adds to Coinbase’s regulatory milestones in Italy, Singapore, the Netherlands, Brazil and Canada. The exchange is also battling for regulatory clarity in the US.

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  • BTC to $30K? Glassnode Founders Think So; XRP, LINK, and QUBE Poised for Monumental Rise

    BTC to $30K? Glassnode Founders Think So; XRP, LINK, and QUBE Poised for Monumental Rise

    The crypto market is stirring with excitement after Glassnode founders made a bold prediction regarding Bitcoin’s future price trajectory. According to the founders of this top analytics firm, Bitcoin could soon potentially reach $30,000, which has sparked discussions and heightened enthusiasm. Additionally, other top altcoins making waves in the crypto landscape are Ripple ($XRP), Chainlink ($LINK), and InQubeta ($QUBE), which are poised for a monumental rise.

    This article will delve into the bullish price prediction of Bitcoin. Further, it will explore the promising trajectory of $XRP, $LINK, and $QUBE, including why they are the best cryptos to invest in.

    InQubeta ($QUBE): Predicted Strong Surge in 2023

    InQubeta and its native utility token, $QUBE, have generated significant interest in the crypto community. With its innovative ecosystem and novel concept, it aims to transform the most disruptive invention of this century: artificial intelligence (AI). By leveraging blockchain technology, it will become the first crowdfunding platform for AI startups via crypto and will democratize access to the AI market. This revolutionary move has seen it raise over $3.1 million in presales, making it poised for a monumental rise after its launch.

    Within its mutually beneficial ecosystem and NFT marketplace, AI startups can raise funds by minting investment opportunities, which will be tokenized as NFTs. On the other hand, by fractionalizing these NFTs backed by real-world AI investment, investors will be able to hold stakes in promising AI ventures regardless of their income. Other appeals of the token, which will contribute to its rally, include its governance function and staking mechanism. Token holders will be able to stake their tokens in exchange for rewards while also exercising voting rights.

    The ongoing $QUBE presale is currently at stage 4, priced at just $0.0133 per token. It has been tipped as a good investment thanks to its innovation and significant growth potential. According to forecasts, it will soar by 30x in the coming months.

    Bitcoin ($BTC): Bullish Glassnode Forecast

    Bitcoin is at the heart of the recent frenzy in the crypto market after the Glassnode founders’ bold forecast. This leading on-chain market intelligence’s prediction of Bitcoin reaching $30,000 has captured the attention of investors.

    As an authority in the crypto scene, this prediction is likely backed by on-chain metrics and historical patterns. The crypto community will be a spectator to how this prediction unfolds in the coming weeks. Nevertheless, Bitcoin is still the best crypto to invest in.

    XRP ($XRP): Transforming the Financial System

    $XRP is the utility token of Ripple, a payment protocol. Its traction in the crypto market has seen it become one of the top 5 cryptocurrencies by market capitalization. The waning influence of the SEC on its price and the growing adoption by payment services and financial institutions make $XRP poised for a significant surge.

    Hence, $XRP is one of the tokens to look to for immense growth in the coming months. This is thanks to its solid fundamentals and increasing adoption.

    Chainlink ($LINK): Enabling Interaction with Real-World Data

    Chainlink ($LINK) is a blockchain abstraction layer. It enables universally connected smart contracts via an Oracle network. Through a decentralized Oracle network, Chainlink allows blockchains to securely interact with external data or off-chain information. Chainlink plays a critical role in enabling smart contracts to interact with real-world data.

    Its growing adoption positions it for substantial growth. Moreover, Chainlink has exhibited resilience amid the turbulent broader market and has also shown strong bullish indicators. Consequently, it is one of the top crypto coins to hold for immense growth.

    Conclusion

    With Bitcoin stirring excitement within the crypto scene amid its $30,000 bullish forecast, altcoins sharing the spotlight are $XRP, Chainlink, and InQubeta. With these tokens poised for a substantial surge in the future, they represent investment opportunities not to be missed. To participate in the novel $QUBE presale that sits at the intersection of innovation and growth, Visit InQubeta Presale or Join The InQubeta Communities.

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  • BitMEX co-founder says BTC price may rise if monetary policies tighten

    BitMEX co-founder says BTC price may rise if monetary policies tighten

    • The Federal Reserve has increased its benchmark rate from 0.25% to 5.25% over the past year.
    • BitMEX co-founder believed that bondholders might seek more lucrative “risk assets,” such as Bitcoin.
    • Bitcoin’s four-year cycles might be linked to central banks’ low-rate policies.

    Challenging the conventional wisdom regarding the relationship between Bitcoin and interest rates, BitMEX co-founder and a well-known macro-analyst Arthur Hayes recently authored a blog post in which he argues that traditional economic logic would crumble under the immense debt burden of the US government.

    Hayes said that “central banks and governments are grappling with the use of outdated economic theories to address the unique challenges of today.”

    Hayes’ assertions come as the Federal Reserve increased its benchmark rate from 0.25% to 5.25% over the past year in an effort to curb inflation and maintain a 2% target. Although the Fed has succeeded in this endeavour, Hayes voiced concerns that inflation might persistently exceed expectations, given the substantial nominal GDP growth of 9.4% in Q3, contrasted with the 5% yield on 2-year US Treasury bonds.

    GDP growth remains astonishingly high

    In his analysis, Hayes highlighted that according to data from the Atlanta Fed’s GDPNow forecast, nominal GDP growth remained “astonishingly high.” Conventional economic theory would suggest that as the Fed raised rates, a credit-sensitive economy should falter. Indeed, this was evident in financial asset markets, including stocks and Bitcoin, which experienced a downturn in 2022, eroding government capital gains tax receipts.

    However, this decline in tax revenue led to increased government deficits, which needed to be funded by issuing more bonds to repay existing debt. In the context of a high-interest-rate environment, this translated to higher interest payments to wealthy bondholders.

    Hayes succinctly summarized this chain of events: “To summarize: as rates rise, the government pays more interest to the wealthy, the wealthy spend more on services, and GDP continues to grow.”

    As long as the economy outpaces the government’s debt obligations, Hayes believed that bondholders might seek more lucrative “risk assets,” such as Bitcoin.

    Efforts to combat inflation favour high-risk assets like Bitcoin

    Hayes contended that the Federal Reserve’s efforts to combat inflation would ultimately favour “finite supply risk assets” like Bitcoin. In a recent blog post, Hayes argued that the Fed’s strategy was siphoning money from one part of the economy while injecting it into another. As long as the Fed’s approach to taming inflation remained uncertain, assets like Bitcoin were likely to experience long-term growth.

    In a previous essay, Hayes had posited that Bitcoin would thrive in response to a tightening Fed, whose actions might inadvertently increase the money supply. He asserted, “If the Fed believes that it must raise interest rates and reduce its balance sheet to quell inflation, it’s essentially self-sabotaging.”

    Generally, analysts perceive lower interest rates as beneficial for Bitcoin and other risk assets, as they create an environment where investors have room to speculate for potentially higher returns. In June, Coinbase analysts issued a report suggesting that Bitcoin’s four-year cycles might be linked to central banks’ low-rate policies.

    Hayes acknowledged the positive influence of low rates on Bitcoin’s price, characterizing the asset’s relationship with central bank policy as a “positive convex relationship.” He concluded, “At the extremes, things become non-linear and sometimes binary. The US and the global economy are currently operating in such an extreme environment.”

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  • Miami mayor to accept presidential campaign donations in BTC

    Miami mayor to accept presidential campaign donations in BTC

    • Miami Mayor Francis Suarez, a Republican, announced his candidacy for the 2024 presidential election in June.
    • Miami has currently been trending for all the right reasons from Lionel Messi mania to the mayor accepting BTC donations.
    • The mayor has also said that he would ban a central bank digital currency (CBDC).

    Bitcoin-friendly Miami Mayor Francis Suarez has said that he will accept Bitcoin (BTC) donations for his presidential campaign.

    Speaking on a popular media TV outlet, Suarez said:

    “Officially, my campaign is accepting bitcoin,” Suarez explained. “This is a process of developing technologies that will create democratising opportunities for wealth creation and will not be manipulated by a human being’s ulterior motives, political goals, and so on.”

    According to Suarez, supporters can now donate as little as 0.00034BTC, or the equivalent of $1, at his campaign website.

    Suarez’s view on CBDCs

    Suarez, who is known to advocate for Bitcoin, has said that he would ban a central bank digital currency (CBDC).  He said that people do not want the federal government to know where they have their money and how much money they have.

    Suarez launched the MiamiCoin (MIA) in 2021, which he hoped would be used to pay a recurring Bitcoin stimulus (similar to dividends) to Miami citizens.

    The mayor has criticized the current US administration led by Joe Biden. Castigating the government, Suarez said:

    “The biggest mistake that this administration has made is they don’t understand crypto so they have gone to a regulated-by-enforcement mechanism as opposed to set the ground rules. You have to be able to classify certain digital products, you have to be able to have certain guidelines and rules that are clear with respect to the custody of assets.”

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  • BTC Whale moves $37M worth of bitcoins after eleven years of inactivity

    BTC Whale moves $37M worth of bitcoins after eleven years of inactivity

    • There has been an increase in the number of early crypto holders moving tokens to new wallets.
    • The BTC whale moved all their bitcoins to a new wallet.
    • Whales make such moves in preparation for selling or alternative investments.

    Lookonchain has revealed that an early Bitcoin (BTC) holder transferred $37 million worth of bitcoins to new wallets after eleven years of inactivity. The move has ignited speculation about the motive behind this move.

    In the early hours of Wednesday, the Whale, a term used to describe a powerful owner of any financial asset, transferred all of their 1,037.42 bitcoin to a new address, “bc1qtl.” Although involving a staggering BTC amount, the token movement has had very little impact on the market seeing that Bitcoin (BTC) price has barely moved. BTC was trading at $29,192.78, up 0.06% in the past 24 hours.

    It is important to note that the transferred bitcoins were received on April 11, 2012, when the price was $4.92. The 1,037.42 BTC was at the time worth $5,107.

    Why did the Whale transfer the BTC?

    While such large cryptocurrency movements from early participants are mostly uncommon, they could mean the holder is preparing to sell the cryptocurrencies, stake on an exchange, or diversify their holdings for other tokens.

    The move is the most recent in a string of older wallets moving bitcoin (BTC) and ether (ETH) tokens to exchanges this year. At least four wallets transferred millions of dollars worth of bitcoins to exchanges or to other wallets in April.

    A wallet that had acquired over 61,000 ether (ETH) in an ICO eight years ago also transferred the entire sum to a wallet connected to the Kraken cryptocurrency exchange last week. These holdings, which were acquired during the ICO for 31 cents per token, are currently valued at over $116 million.

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  • BTC hovers at $30k amid lowest historical volatility for 2023

    BTC hovers at $30k amid lowest historical volatility for 2023

    • BTC price is near the $30k mark, which bulls may be desperate to protect.
    • Bitcoin’s  historical volatility is at its lowest level in 2023.
    • Short-term bullish target could be above $34k, while major support is near $28.2k.

    Bitcoin’s price remains above $30,000 on Monday, but is seeing “remarkably little volatility.” According to a key technical analysis indicator for this measure, the prices are tightly squeezed to suggest a breakout in either direction could be big.

    Bitcoin price outlook: Bollinger Bands

    According to on-chain data and analytics provider Glassnode, the Bollinger Bands are tightly squeezed and a price range of only 4.2% separates the upper and lower bands. The platform notes that this outlook has Bitcoin at its quietest since early January.

    “The digital asset market continues to see remarkably little volatility, with the classic 20-day Bollinger Bands experiencing an extreme squeeze. A price range of just 4.2% separates the upper and lower Bollinger bands, making this is the quietest #Bitcoin market since the lull in early January,” Glassnode analysts tweeted, sharing the chart below.

    Bitcoin price Bollinger Bands range. Source: Glassnode on Twitter. 

    In technical analysis, the Bollinger indicator offers a chart outlook where price trends reflect the market’s volatility. Traders use the indicator to identify overbought or oversold market conditions.

    Bitcoin recently broke from above the upper bands and currently fluctuates beneath the middle trendline. Support of the lower Bollinger bands is around the crucial $30k level.

    Data shows BTC price has declined from highs of $30,400 late Sunday, touching intraday lows of $30.079 on Monday morning. Currently at around $30,180, the top cryptocurrency by market cap is down about 0.5%.

    While accumulation around the current prices is staggering, bulls have to hold above this psychological support base. If not, bears could push lower first before a likely short squeeze catapults BTC/USD to potentially news YTD highs of $34k. The key downturn levels to watch in the short term are at $28,200 and $25,600.

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