2024

Bitcoin

when

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<a href="https://twitter.com/bbands/status/1801033220365975588?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1801033220365975588%7Ctwgr%5E8c3ee9dcdd2e26ecb8f81f40550d7b7189013e7f%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fpublish.twitter.com%2F%3Furl%3Dhttps%3A%2F%2Ftwitter.com%2Fbbands%2Fstatus%2F1801033220365975588" rel="noopener noreferrer nofollow">John Bollinger</a>, financial analyst and creator of the Bollinger Bands, recently shared his thoughts on the price movements of&nbsp;<a href="https://u.today/almost-billion-us-dollars-in-btc-moved-from-exchanges-as-price-plunged-54" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a>. His comments come at a time of significant volatility for the crypto market.
Over the past few weeks, the price of Bitcoin has experienced considerable perturbations. It quoted around $70,000 before suddenly dropping more than 4%, causing epic market liquidation and anxiety among traders. This drop followed a period of price consolidation in which&nbsp;<a href="https://u.today/ethereum-eth-in-critical-state-heres-why-bitcoin-btc-cant-reach-70000-will-xrp-reach-all-time-low" rel="noopener noreferrer nofollow">Bitcoin</a> seemed poised for a new high.
Bollinger addressed the market's belief that extended periods of consolidation can lead to significant price gains. He referenced an old market principle, "the bigger the base, the higher in space," suggesting that a strong base period could lead to significant upside. This idea is particularly relevant given the crypto market's tendency to swing between fear and greed.
<blockquote>
 I wish I could remember the maxim: The bigger the base the higher... Anyone?— John Bollinger (@bbands) <a href="https://twitter.com/bbands/status/1801033220365975588?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 12, 2024</a>
</blockquote>
His latest comments are in line with his previous predictions. About a month ago, when Bitcoin was trading near $70,000, Bollinger hinted at a possible price pullback. That prediction came true as the price fell to $67,000, where it is currently trading. The key question now is whether&nbsp;<a href="https://u.today/bitcoin-btc-price-slides-after-feds-rate-cut-decision" rel="noopener noreferrer nofollow">BTC</a> will hold this level or see further changes. <img alt="&quot;&quot;" src="https://u.today/sites/default/files/inline-images/btc_573.png">BTC to USD by <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">CoinMarketCap</a>
Does Bollinger really expect the price of the major cryptocurrency to fly into space after such a prolonged test of traders' nerves? It will be interesting to see what happens next.

Legendary Trader John Bollinger Breaks Silence on Bitcoin Price

U.Today

Other articles published on Jun 13, 2024

Shiba Inu (SHIB) Might Reverse in Next 3 Days: Here's Why

Bitcoin Boosts Fetch.AI Coin Value

Ripple and Archax Will Bring Tokenized Real-World Assets to The XRP Ledger!

Shiba Inu Faces Massive Sell Pressure As Whales Move 4.29 Trillion SHIB To Coinbase

XRP faces decline: What the drop below 20-day EMA means for traders

CRV Price Crashes 30% As Curve Founder Faces Massive Liquidation

Join our free newsletter for daily crypto updates!