Famous Bitcoin (BTC) trader and creator of the Bollinger Bands strategy, John Bollinger, stated that he is optimistic about the future of the leading crypto asset. On his official X account, he claims that the Bitcoin price will “go higher” from the current position, based on the information he obtained from the Bollinger Bands chart he shared.
Koinfinans.com As we reported, the BTC price had one of its toughest weeks in months, falling as low as $40,000 this week on what the SEC described as a misleading report regarding potential rejections of spot Bitcoin exchange-traded fund (ETF) applications.
BTC bears took advantage of this news and made a huge sale. In this context, the total liquidation in the market at that time exceeded 650 million dollars. Bitcoin decline altcoinIt also affected ‘s and many of them have not yet recovered.
Bollinger estimatedIt comes at a time when the price of Bitcoin has risen by 1.60% in the last 24 hours to $43,827.07. Additionally, during the overnight recovery, BTC broke the psychologically important resistance level at $43,000. If Bollinger’s prediction comes true, the coin could turn this level into support.
I think it breaks higher. $btchttps://t.co/vH9yoFa2Ut
— John Bollinger (@bbands) January 4, 2024
NEWS CONTINUES BELOW
According to current industry trends, BTC and the overall market have entered a crucial phase with the expected decision regarding the Ark 21Shares implementation as well as others that are likely to start rolling at any time from now on.
Bloomberg ETF They remain optimistic about the likelihood of an approval, with analysts Eric Balchunas and James Seyffart issuing a 90% approval probability projection last year. With due diligence done by applicants, Bitcoin is at a turning point that could finally determine its fate going forward.