The Creator of the Bollinger Band Evaluated Bitcoin:

As we approach the end of September, Bitcoin fans are taking a look at possible bullish trends and signs point to a positive trend. The leading cryptocurrency has already exhibited a bullish candle this month, which suggests that this trend could continue into October if the candle closes in the green.
Among these developments, John Bollinger, the creator of Bollinger Bands, a widely used market indicator, shared his views. In a tweet on Thursday, Bollinger, 73, noted that a two-bar reversal occurred in the Bollinger Band below for BTC/USD on September 11/12, which he viewed as an important technical factor.
Bollinger also tweeted: "This is a good setup for a march through the upper band, just needs a little more strength to confirm." He also shared the graphic below to provide visual context to his statement:
Beyond Bollinger Bands, other Bitcoin fundamental factors are also in place. Crypto analyst Matthew Hayland noted in a tweet on Friday that the two-week Bollinger Bands for Bitcoin have reached their narrowest levels since 2015 and are now the narrowest on record.
Historically, when such squeezes occur, they are often followed by explosive price movements, taking many by surprise. Hayland also stated that he is closely monitoring the weekly Bollinger Band width and that this width has also narrowed significantly.
Positive Signs in Bitcoin's Performance
Beyond the Bollinger Bands, Bitcoin's overall performance has shown positive signs. Gert van Lagen, another crypto analyst, highlighted that a significant bullish breakout has occurred in Bitcoin's moving averages. In a tweet on Thursday, he noted that the 200-day Simple Moving Average (SMA) has crossed above the 200-week SMA, which is seen as a bullish signal. This follows a bullish crossover between the faster Daily 200 and Weekly 200 exponential moving averages (EMA) in June.
However, these technical indicators and expert opinions have combined to bring renewed hope to the Bitcoin market and point to the potential for an upward move.
Meanwhile, Bitcoin remains in tight consolidation following a price pullback following an impressive rally above $27,000 on Thursday.
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