John Bollinger, a legendary bitcoin (btc) trader known for creating the Bollinger Bands strategy, recently shared an optimistic view on the future of bitcoin.
Is bitcoin Poised for Further Rise?
In a post on X, John suggests that the price of bitcoin is likely to “go higher” from its current levels. This prediction is based on his analysis using the Bollinger Bands chart, a popular technical analysis tool that he developed. For context, Bollinger Bands are a type of statistical chart that characterizes the prices and volatility of an asset over time.
They consist of a set of three lines: the middle line typically represents the simple moving average of the asset's price, and the other two lines are plotted one standard deviation above and below the average. This tool helps traders evaluate market conditions and possible price movements.
I think it breaks higher. $btchttps://t.co/vH9yoFa2Ut
-John Bollinger (@bbands) January 4, 2024
Bollinger's prediction using this methodology indicates a positive outlook for bitcoin, especially significant in light of recent market turmoil.
bitcoin recovery and $50,000 price target
bitcoin's journey in the cryptocurrency market has so far been marked by resilience, as evidenced by its recovery from a notable market crash that resulted in the asset trading in the $40,000 region.
bitcoin, which is currently trading above the $43,000 mark, has shown 3% growth in the last 7 days. This rally is particularly notable following a bearish Matrixport report on a rejection of spot bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC).
Joining Bollinger in the bullish predictions is Dan Gambardello, another highly respected analyst in the crypto space. Gambardello has projected a bullish breakout for bitcoin, which could lead to the digital currency reaching the $50,000 mark in the short term and $60,000 in the long term.
This projection is tied to the anticipation of a timely approval of the bitcoin ETF, which could serve as a major catalyst for bitcoin price movement. Gambardello explains that this bullish trend would represent a historic breakthrough for bitcoin, especially in terms of surpassing the lower highs of its Fibonacci level.
bitcoin ETF Time Bomb! Approval Could Trigger Historic crypto Rally!
Introduction 00:00
Big news in grayscale 1:10
bitcoin ETF Final Tranche 2:30
Pressure on btc price increases 3:15
bitcoin Target of $50,000 5:10
btc tries something that has never been done 6:30
bitcoin and altcoins dominance… pic.twitter.com/uZZ2YrblCO– Dan Gambardello (@cryptorecruitr) January 4, 2024
In particular, it is evident that the predictions of both Bollinger and Gambardello depend significantly on the US SEC's decision regarding the approval of a bitcoin spot ETF. While optimism prevails, Gambardello has also warned that a rejection could lead to a drop in bitcoin price, potentially falling below $40,000 to find support around $37,000.
Featured image from Unsplash, chart from TradingView
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