Legendary trader John Bollinger believes that if the $40,000 support is lost, the Bitcoin price could drop as low as $30,000. Let’s examine what the inventor of Bollinger Bands recommends in a possible correction.
John Bollinger interprets Bitcoin drop as an opportunity
Legend John Bollinger says that Bitcoin (BTC) could drop as low as $30,000. John Bollinger is the inventor of the Bollinger Bands and has been in the “legendary” category since the early 1980s. The technical analysis guru said in his most recent tweets that if the Bitcoin price drops below $40,000, he predicts that the correction could deepen to $30,000. Meanwhile, John thinks it’s a great time to buy more Bitcoin even if Bitcoin drops below $40,000. He even said the drop was an opportunity in his recent tweet:
Attention long-term Bitcoin investors. We are retreating into an important accumulation zone. When we find support, you might consider adding it here. If not, HODL is on; Another opportunity will present itself.
Following John Bollinger’s tweet above, BTC price touched $39,796.57 on the hourly candle of January 10 at 14:00. According to the analyst, if BTC loses the $40,000 support, it could visit $30,000, returning 25% of its market cap. On the other hand, Bollinger says that these levels will be a suitable level for those who want to buy BTC and should benefit from the correction.
Mike Novogratz disagrees with this view
cryptocoin.com John Bollinger’s view is not the same as Mike Novogratz’s. Billionaire Novogratz sees Bitcoin’s decline as a buying opportunity in the $40,000 range.
According to data shared by CoinMarketCap, the BTC price has dropped by 10.50% in the last seven days. BTC trading volume has increased by 18.71% in the last 24 hours and the downtrend continues as BTC has lost 11% of its value in the last 30 days.
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