Greed

2024

Bitcoin

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<p class="is-style-lead">Veteran trader John Bollinger, the creator of Bollinger Bands, has expressed caution about Bitcoin’s immediate future.</p> 
<p>Bitcoin has surged nearly 13% over the past week and a half, <a href="https://crypto.news/bitcoin-surges-to-71k-as-analysts-cite-increased-spot-etf-inflows/" rel="">reaching the $71,000 mark</a> per BTC. This rally has led market analysts and traders to <a href="https://crypto.news/bitcoin-is-wandering-in-the-bear-zone-whales-take-a-step-back/" rel="">reassess their strategies</a> as Bitcoin inches closer to its all-time high of $74,000.</p> 
<p>Amid the bullish sentiment, Bollinger identified a concerning pattern on Bitcoin’s price chart, suggesting a potential pullback or consolidation period. He pointed out the appearance of a two-bar reversal at the upper Bollinger Band, which often indicates a temporary market correction.</p> 
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   <p lang="en" dir="ltr">I am not fond of the two-bar reversal at the upper Bollinger Band for <a href="https://twitter.com/search?q=%24btcusd&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$btcusd</a> Suggests a consol or a pullback. Not bearish here, just short-term concerned. <a href="https://t.co/4567TCglIy" target="_blank" rel="">https://t.co/4567TCglIy</a></p>— John Bollinger (@bbands) <a href="https://twitter.com/bbands/status/1793066211494019109?ref_src=twsrc%5Etfw" target="_blank" rel="">May 21, 2024</a>
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<p>Bollinger Bands are a popular tool among traders, helping to&nbsp;identify volatility and potential price reversals by plotting standard deviations above and below a simple moving average.</p> 
<p>Although John Bollinger’s analysis suggests short-term concerns, the trader remains optimistic about Bitcoin’s long-term prospects,&nbsp;a stance&nbsp;based on technical indicators rather than a fundamentally bearish outlook.</p> 
<p>Bollinger’s perspective mirrors the current market sentiment, where optimism about Bitcoin’s future growth is balanced by an awareness of potential short-term volatility.</p> 
<p>Meanwhile, Willy Woo, crypto analyst and co-founder of VC firm CMCC, has highlighted a different aspect of Bitcoin’s market behavior.</p> 
<p>In a May 22 <a href="https://x.com/woonomic/status/1793207316281782637" target="_blank" rel="">post</a> on X, Woo noted that while Bitcoin’s price had&nbsp;not risen significantly&nbsp;over the past two months, available BTC was quietly&nbsp;being&nbsp;accumulated&nbsp;without an increase in paper BTC.</p> 
<p>Woo believes it is only a matter of time before Bitcoin surpasses its all-time highs.</p> 
<p> You might also like: <a href="https://crypto.news/is-now-the-time-to-buy-bitcoin-stocks-as-institutional-adoption-increases/" rel=""> Is now the time to buy Bitcoin stocks as institutional adoption increases? </a> </p> 
<p>On the same day,&nbsp;the Bitcoin Fear and Greed Index stood at 76.&nbsp;The level of 75-100 shows an extreme level of greed and means that traders in the market are in the mood to buy more.</p> 
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   <p lang="en" dir="ltr">Bitcoin Fear and Greed Index is 76 — Extreme Greed<br>Current price: $70,192 <a href="https://t.co/g7LAMRMxOO" target="_blank" rel="">pic.twitter.com/g7LAMRMxOO</a></p>— Bitcoin Fear and Greed Index (@BitcoinFear) <a href="https://twitter.com/BitcoinFear/status/1793054192380330230?ref_src=twsrc%5Etfw" target="_blank" rel="">May 21, 2024</a>
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<p>When the market&nbsp;goes up, people tend to accumulate more cryptocurrency, which means they become more greedy,&nbsp;a phenomenon that leads&nbsp;to higher price movements.</p> 
<p>The recent price movement and the analysts’ take&nbsp;come at a crucial time for Bitcoin, which is&nbsp;trading just 6% below its peak price.&nbsp;The market is closely watching to see if Bitcoin can surpass its previous high, a milestone that seems increasingly likely given the current trajectory.</p> 
<p>At the time of writing, the world’s largest crypto asset was trading at&nbsp;$69,973, marking a 1.5% drop in the last 24 hours, per data from CoinMarketCap.</p> 
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  BTC 24-hour price chart | Source: CoinMarketCap
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<p> Read more: <a href="https://crypto.news/bitcoin-price-surges-past-70k-as-daily-trading-volume-soars/" rel=""> Bitcoin price surges past $70k as daily trading volume soars </a> </p>

John Bollinger warns of potential pullback amid Bitcoin’s price surge

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