Bitcoin has experienced a significant rise in recent days. BTC price has increased by approximately 13% in the past week and a half, reaching the $70,000 level. This rise has prompted market analysts to re-evaluate as Bitcoin approaches its all-time high of $74,000. Legendary analyst John Bollinger’s Bitcoin prediction is warning. However, elsewhere, an analyst nicknamed Dave the Wave is bullish.
John Bollingerof Bitcoin The forecast is a warning!
cryptokoin.comAs you follow from , Bitcoin made its investors happy with its latest move. However, it is unclear whether this will continue. Despite Bitcoin’s upward trend, renowned analyst John Bollinger, creator of the widely used Bollinger Bands, expressed caution regarding the near future of the leading cryptocurrency. Bollinger Bands plot standard deviations above and below a simple moving average. Thus, it helps identify volatility and potential price reversals. This indicator is quite popular among traders.
Recently, Bollinger pointed out a worrying pattern on Bitcoin’s price chart that points to a potential period of pullback or consolidation. The analyst highlighted the emergence of a two-bar reversal in the Upper Bollinger Band, which usually signals a temporary market correction.
The analysis points to a short-term concern. However, the analyst remains optimistic about Bitcoin’s long-term prospects. His cautious stance is based on technical indicators rather than a fundamental bearish outlook. Bollinger’s perspective reflects current market sentiment, where optimism about Bitcoin’s future growth is tempered by awareness of potential short-term volatility.
“Bitcoin forming major Bullish Setup!”
The analyst nicknamed Dave the Wave, whose previous Bitcoin prediction was successful, shared his new predictions. Analsit became famous in the market for successfully predicting the 2022 Bitcoin bottom. Dave the Wave says Bitcoin is probably gearing up for a big breakout. In this context, the analyst notes that Bitcoin follows a bullish pattern, trading in a range before making a gain of around 50%. In this regard, the analyst accompanied by a chart called “BTC megaphone.” He reacts by saying.
Analyst looks at daily chart for Bitcoin prediction. He says Bitcoin is drawing a bull megaphone formation with two high prices and two low prices. Based on this, the analyst suggests that BTC may rise to around $109,500. The analyst also says that the low prices in Bitcoin’s trading ranges, the 0.382 Fibonacci retracement levels, formed a trend line that has been standing as support since the end of 2023. The analyst said, “This chart belongs here. Moreover, it is in a title that goes back to the beginning of this month. BTC: a single line is dominant right now.” says.
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