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Legendary trader John Bollinger breaks silence on Bitcoin price
Gamza Khanzadaev
Bitcoin price in space? John Bollinger reveals key market insights
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John Bollingerfinancial analyst and creator of Bollinger Bands, recently shared his thoughts on the price movements of Bitcoin (BTC). His comments come at a time of significant volatility for the cryptocurrency market.
In recent weeks, the price of Bitcoin has undergone significant disruptions. It was trading at around $70,000 before suddenly plummeting more than 4%, causing an epic market sell-off and anxiety among traders. This decline followed a period of price consolidation in which Bitcoin it seemed poised for a new high.
Bollinger addressed the market belief that prolonged periods of consolidation can lead to significant price gains. He referenced an old market tenet, “the bigger the base, the higher the space,” suggesting that a strong base period could lead to significant upside. This idea is especially relevant given the cryptocurrency market’s tendency to oscillate between fear and greed.
His latest comments are in line with his previous predictions. About a month ago, when Bitcoin was trading around $70,000, Bollinger hinted at a possible price drop. This prediction came true when the price dropped to $67,000, the level at which it is currently trading. The key question now is whether Bitcoin will maintain this level or see further changes.
BTC to USD by CoinMarketCap
Does Bollinger really expect the price of the main cryptocurrency to fly into space after such a prolonged test of traders’ nerves? It will be interesting to see what happens next.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated in Finance and Credit with a specialization in securities and financial derivatives. He then obtained a master’s degree in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.