The price of Bitcoin (BTC) could double from its current value of $69,000 in as little as three months time, according to an analyst’s take on a widely used momentum indicator.

Pseudonymous analyst TechDev told their 440,000 followers on X that Bitcoin had closed two consecutive months above the upper Bollinger Band, adding that every time Bitcoin had done this in the past, its price had doubled within the next three months.

This would put Bitcoin at around $140,000 by July. 

In technical analysis, Bollinger Bands are a tool that measures the momentum and volatility of an asset within a certain range. Typically, when prices touch the upper band, it can indicate an overbought signal, while touching the lower band indicates an asset being oversold. 

However, Bollinger Bands are just one of many technical indicators available to analysts, and according to Investopedia, they are more reactive rather than predictive, given their use of past price action and volatility data. The metrics can also differ widely during peak bull and bear markets.

Bitcoin has “room to run”

Meanwhile, SkyBridge Capital CEO Anthony Scaramucci took to CNBC on April 6 to predict that Bitcoin could reach as high as $170,000 during the cycle and could eventually trade at around half the total value of the global gold market.

“I’m simply saying it could trade to half the valuation of gold, which is around six to eight to 10 times move from here.”

“It’s not going to happen overnight, and there will be a lot of volatility,” he added.

Bitcoin currently commands a market capitalization of $1.35 trillion, while gold boasts a total value of $15.8 trillion. If Bitcoin were to trade at half the value of gold, its market cap would need to grow roughly six times from here, which would result in a price of roughly $400,000 per BTC.

#Bitcoin is up over 140% over the last year, hitting all-time highs last month fueled by demand from spot ETFs. @Scaramucci discusses why he thinks Bitcoin is back: pic.twitter.com/HJxQEy6XY0

— CNBC's Closing Bell (@CNBCClosingBell) April 5, 2024

Describing the 10 recently approved spot Bitcoin exchange-traded funds (ETFs) as “selling machines,” Scaramucci argued these products would only continue to spur increased retail and institutional demand for the crypto asset.

Nine of the 10 spot Bitcoin ETFs have now seen over $12 billion worth of net inflows, with Grayscale being the odd one out. In contrast, when the Gold ETF (GLD) was launched in November 2004, it took nearly one year to notch $10 billion in inflows.

Like many other market commentators, Scaramucci viewed the upcoming Bitcoin halving — currently scheduled for April 20 — as a major catalyst for Bitcoin price appreciation in the short term.

Crypto market cap to hit $5 trillion: Ripple CEO

The optimism also wasn’t lost on Ripple CEO Brad Garlinghouse, who predicts that the value of the entire crypto sector would double by the end of this year.

In an April 7 report from CNBC, Garlinghouse made a prediction that the entire crypto sector would be worth $5 trillion by the end of the year, looking to the upcoming halving, regulatory developments and the increasing popularity of Bitcoin ETFs as having a continued positive effect on wider crypto adoption.

Related: Bitcoin halving will have to battle with ‘weak time of year’ — Coinbase

“I’ve been around this industry for a long time, and I’ve seen these trends come and go,” Garlinghouse said.

“I’m very optimistic. I think the macro trends, the big picture things like the ETFs, they’re driving for the first time real institutional money.”

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