Analyst John Bollinger Foresees More Consolidation For Bitcoin
2024年6月29日 - 6:30PM
NEWSBTC
In the last week, the price of Bitcoin took a significant nosedive,
recording a 7% loss to trade as low as $59,478. According to data
from CoinMarketCap, Bitcoin attempted a rebound following this dip
but has since been stuck in consolidation between $60,100 –
$62,300. Commenting on this development, John Bollinger, inventor
of the Bollinger Bands, a popular technical momentum indicator, has
provided potential insights into Bitcoin’s next movement as
investors continue to await the much-expected crypto bull run.
Related Reading: Market Tremors: $10 Billion in Bitcoin Dumped in
May Alone, What Does This Signal? Bitcoin To Remain In
Consolidation, Bollinger Says In an X post on June 28, Bollinger
predicted the price of Bitcoin will maintain its current
range-bound movement. The prominent analyst made this projection
based on the absence of a price bound following a two-bar reversal
at the lower Bollinger Band. For context, the Bollinger
Bands consist of three lines (bands) namely a Middle Band which is
typically a 20-day moving average of the asset’s price, and an
upper and lower band which represent the SMA plus and minus two
standard deviations of the price respectively. The Bollinger
Bands are primarily used for trend identification and for
indicating potential breakouts and breakdowns. Notably in
trading, a two-bar reversal is a candlestick pattern showing a
potential change in price direction. When this pattern occurs at
the lower Bollinger Band, it often suggests that the asset might
experience a bounce or a reversal to the upside due to being
oversold. However, in the current case of Bitcoin in which there is
no price gain following this development, it can indicate continued
weakness or price indecision which may cause BTC to remain in
consolidation. Generally, such sideways price movements are driven
by bearish or uncertain sentiments leading to a lack of buying
pressure from investors even at lower prices. In addition, this
absence of price bounce also indicates that the current lower
Bollinger Band represents a weak support level increasing the risk
of a price breakdown. Related Reading: Is The Bitcoin Bottom In?
Crypto Expert Predicts Bullish Price Reversal BTC Price Overview At
the time of writing, the price of Bitcoin continues to trade at
$60,629 with a 1.31% decline in the last day. However, the asset’s
daily trading volume is up by 15.95% and is currently valued at
$24.8 billion. Notably, Bitcoin lost 11.69% of its value in June as
its price dipped below $60,000. However, despite this decline,
investors remain resilient in their expectations of a price rally
to kick-start the crypto bull season. Notably, a crypto whale
recently bought 20,200 BTC at $1.23 billion, showing much
confidence in the token’s ability to stage a price rebound and
embark on a bullish run. BTC trading at $60,750 on the 4-hour chart
| Source: BTCUSDT chart on Tradingview.com Featured image from
Shutterstock , chart from Tradingview
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