History Repeating? Bitcoin Chart Mimics Exact Pattern That Sparked 2023 Rally
The leading cryptocurrency has been squeezed into a narrow range around $63,700, while the Bollinger Band Width indicator on the daily chart has contracted to its lowest level since October 2023, pinching the price action into an extreme technical threshold. In traders language, this condition is called a “squeeze” — a phase of extremely low volatility that has historically been followed by a powerful price explosion. Bitcoin price chart since 2023 in context of Bollinger Bands Width indicator, Source: Barchart The current chart by Barchart draws a direct parallel with the events of three years ago. In the fall of 2023, an identical narrowing of the Bollinger Bands triggered a massive two-year rally. Bitcoin started at levels slightly above $20,000 and ultimately gained more than 330%, reaching a peak above $130,000 by mid-2025. Bitcoin Price Analysis Fed factor: How Julys CPI report changes the math for Bitcoins next move Now the historical spring has once again been compressed to its limit, and the market has finally received a powerful external catalyst. The latest Consumer Price Index (CPI) data for July, released today, came in line with market expectations. As observers note, the report reduces pressure on the Federal Reserve and gives officials room to keep interest rates