The cryptocurrency market continues to consolidate with the recent sell-off. The leading crypto Bitcoin rose to $61,000 after seeing below $60,000. However, the rise remains limited and the selling pressure on BTC is increasing. However, legendary trader John Bollinger has identified a significant reversal pattern in the BTC price. This pattern points to a potential rise to higher levels for BTC. Elsewhere, an analyst known for his accurate Bitcoin predictions says that the current correction is healthy for BTC.
John Bollinger caught a reversal pattern on the Bitcoin chart!
cryptokoin.comAs you can see from , there is a summer holiday atmosphere in the market. Some investors and traders prefer to wait on the sidelines for now. Even though Bitcoin price has managed to rise above the $60,000 level, it is testing the nerves of crypto enthusiasts and traders. Because the cryptocurrency continues to hover near a key support level. After several days of major price movement that culminated in yesterday’s recovery and long-awaited greening of quotes, the crypto market has entered a quieter trading mode. This means that both bull and bear participants are taking a break to think about what to do next.
In this context, new views and discussions began to emerge. Legendary trader John Bollinger, creator of the popular Bollinger Bands indicator, was also involved in this discussion. When asked for his opinion on the developing setup on the Bitcoin price chart, Bollinger highlighted a two-bar reversal pattern in the lower Bollinger Band. The legendary trader believes that this pattern is occurring in a logical place and will result in a bounce that has at least the potential to test the highs once again.
In fact, on the Bitcoin price chart that Bollinger included in his forecast, it is possible to see how clearly the BTC price has reversed in the two-day candle near the lower band. If the trader’s prediction comes true, BTC is likely to reach the upper band lying around $72,000 at least soon. In fact, the ATH level that Bitcoin set earlier this spring is also close to this range.
“Breaking the parabolic trend is good for the health of BTC!”
The analyst nicknamed Dave the Wave, known for making successful Bitcoin predictions in his time, says that Bitcoin falling below $ 60,000 invalidates BTC’s parabolic rise expectations. According to the analyst, Bitcoin’s price action indicates further consolidation on the horizon. On the other hand, this price action allows BTC to establish a better foundation for a stronger rally later this year. In this context, the analyst makes the following statement:
There is a positive side to the BTC price not going parabolic. This means that it continues to develop in a relatively stable technical manner. There was consolidation and then renewed strength as we entered Q4. A manic market at a later date will see higher prices than if it arrived earlier.
The analyst recently predicted that Bitcoin could drop as low as $50,000 and likely find support at the 0.382 Fibonacci retracement level. According to the analyst, a drop to $50,000 would put BTC back in the “buy zone” of the logarithmic growth curve (LGC) model. This aims to predict Bitcoin’s long-term cycle bottoms and tops while filtering out shorter-term volatility. The analyst emphasizes that the deep decline will put BTC in a position “for renewed strength on the upside.”
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