2024

Bitcoin ETF

Bitcoin

John Bollinger, a legendary Bitcoin (BTC) trader known for creating the Bollinger Bands strategy, has recently <a href="https://twitter.com/bbands/status/1742995149477892138?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">shared</a> an optimistic view on Bitcoin’s future. 
<h2 id="bitcoin-poised-for-further-surge">Bitcoin Poised For Further Surge?</h2> 
In a post on X, John suggest that Bitcoin’s price is likely to “break higher” from its current levels. This <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-at-a-crossroads-economists-doom-prediction-clashes-with-spot-etf-approval-hopes/" target="_blank" rel="noopener ">prediction</a> is based on his analysis using the Bollinger Bands chart, a popular technical analysis tool he developed. For context, Bollinger Bands are a type of statistical chart characterizing 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 at a standard deviation above and below the average. This tool helps traders to assess market conditions and potential price movements. 
<blockquote class="twitter-tweet"> 
 I think it breaks higher. <a href="https://twitter.com/search?q=%24btc&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$btc</a><a href="https://t.co/vH9yoFa2Ut" target="_blank" rel="noopener nofollow">https://t.co/vH9yoFa2Ut</a> 
 — John Bollinger (@bbands) <a href="https://twitter.com/bbands/status/1742995149477892138?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">January 4, 2024</a>
</blockquote> 
Bollinger’s prediction using this methodology indicates a positive outlook for Bitcoin, especially significant in light of the recent market turbulence. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/pdfU3IN1/" alt="Bitcoin (BTC) price chart on TradingView" width="2770" height="1556"> 
<h2 id="bitcoin-s-recovery-and-50-000-price-target">Bitcoin’s Recovery And $50,000 Price Target</h2> 
So far, Bitcoin’s journey in the crypto market has been marked by resilience, as evidenced by its recovery from a notably down turn in the market that resulted in the asset to trade in the <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-falls-below-42000-short-term-holders-rush-to-cash-in/" target="_blank" rel="noopener ">$40,000 region</a>. 
Currently trading above the $43,000 mark, Bitcoin has shown a 3% growth in the past 7 days. This rebound is particularly noteworthy following a <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-plunges-more-than-6-amid-matrixports-contradictory-reports/" target="_blank" rel="noopener ">bearish report from Matrixport</a> concerning a <a href="https://www.matrixport.com/institutions/research/matrix-on-target/813" target="_blank" rel="noopener nofollow">rejection</a> of spot Bitcoin exchange traded funds (ETFs) by the US Securities and Exchange Commission (SEC). 
Joining Bollinger in bullish predictions is Dan Gambardello, another well-respected analyst in the crypto space. Gambardello has <a href="https://x.com/cryptorecruitr/status/1742930294481748303?s=20" target="_blank" rel="noopener nofollow">projected</a> an upward breakout for Bitcoin, potentially leading the digital currency to reach the $50,000 mark in the short-term and <a href="https://www.newsbtc.com/bitcoin-news/bitcoins-2024-forecast-from-60000-to-500000-top-experts-share-bold-predictions/" target="_blank" rel="noopener ">$60,000</a> in the long term. 
This projection is tied to the anticipation of a spot Bitcoin ETF approval, which could serve as a significant catalyst for Bitcoin’s price movement. Gambardello explains that this upward trend would represent a historical breakthrough for Bitcoin, especially in terms of breaking through the lower highs of its Fibonacci level. 
<blockquote class="twitter-tweet"> 
 Bitcoin ETF Ticking Time Bomb! Approval Could Trigger Historic Crypto Rally! 
 Intro 00:00 Big Grayscale news 1:10 Bitcoin ETF final stretch 2:30 BTC price pressure building 3:15 $50k Bitcoin target 5:10 BTC attempting something it’s never done 6:30 Bitcoin dominance and altcoins… <a href="https://t.co/uZZ2YrblCO" target="_blank" rel="noopener nofollow">pic.twitter.com/uZZ2YrblCO</a> 
 — Dan Gambardello (@cryptorecruitr) <a href="https://twitter.com/cryptorecruitr/status/1742930294481748303?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">January 4, 2024</a>
</blockquote> 
Notably, it is evident that the predictions from both Bollinger and Gambardello hinge significantly on the US SEC decision regarding the approval of a spot Bitcoin ETF. While optimism prevails, Gambardello has also cautioned that a rejection could lead to a decline in Bitcoin’s price, potentially dropping below $40,000 to find <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-analyst-reveals-the-price-btc-wont-drop-below/" target="_blank" rel="noopener ">support around $37,000</a>. 
Featured image from Unsplash, Chart from TradingView

Trading Guru John Bollinger Forecasts Bitcoin Breakout, $50,000 On The Horizon?

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