Bitcoin

In a riveting turn of events, amid Bitcoin’s recent upside momentum, a renowned crypto market analyst has taken to X, cautioning against a pullback in BTC price looming ahead. John Bollinger, a well-known analyst and the inventor of the technical analysis tool Bollinger Bands, has made a bold remark, proclaiming that a pullback in BTC’s price lies ahead, attributing it to a bearish pattern on Bollinger Bands tool.
John Bollinger’s statement has promptly gained significant traction across the <a href="https://coingape.com/glossary/cryptocurrency/" target="_blank" rel="noopener noreferrer nofollow">crypto</a> market, coinciding with a decline in BTC’s price over the past 24 hours. Let’s delve deeper into the analyst’s insights and BTC’s current price movements.
<h2 id="john-bollinger-says-pullback-not-long-term">John Bollinger Says Pullback Not Long-Term</h2>
In Bollinger’s post on X, the analyst stresses the formation of a two-bar reversal at the upper Bollinger Band in the BTC/USD chart.
For context, the Bollinger Bands are a widely used technical analysis tool. They consist of a middle band and two&nbsp;outer&nbsp;bands. Bollinger has pointed out a bearish pattern forming on the upper band, suggesting a potential price consolidation or pullback.
However, the analyst added, “Not bearish here, just short-term concerned,” hinting that the pullback or sideways trading might be short-lived. As a whole, Bollinger’s remarks on BTC’s price movements have projected a ray of optimism on the token’s price movements in the long run.
<img decoding="async" class="aligncenter wp-image-198201" src="https://coingape.com/wp-content/uploads/2024/05/Bollingers-post-on-BTC-price.png" alt="Bollinger's post on BTC price" width="667" height="521" srcset="https://coingape.com/wp-content/uploads/2024/05/Bollingers-post-on-BTC-price.png 1090w, https://coingape.com/wp-content/uploads/2024/05/Bollingers-post-on-BTC-price-300x234.png 300w, https://coingape.com/wp-content/uploads/2024/05/Bollingers-post-on-BTC-price-768x600.png 768w, https://coingape.com/wp-content/uploads/2024/05/Bollingers-post-on-BTC-price-150x117.png 150w" sizes="(max-width: 667px) 100vw, 667px">
A consolidation in BTC’s price trajectory would mean trading within a tight range moving ahead. On the other hand, a pullback in prices often results in an approximately 5% dip. Notably, it’s worth noting that, in tandem with the analyst’s remarks on BTC’s price movements, the token’s price action actually waned.
Also Read: <a href="https://coingape.com/bitcoin-price-face-potential-correction-if-hits-this-level/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Price To Face Potential Correction If It Hits This Level</a>
<h2 id="btc-s-price-slips">BTC’s Price Slips</h2>
As of writing, <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin’s price</a> chart illustrated a fall of 1.75% in the past 24 hours and is currently trading at $69,645. It’s 24-hour lows and highs are $69,191.12 and $70,876.14, respectively.
Coinglass data spotlighted a fall of 2.17% in BTC’s Futures and Options OI to $34.89 billion, further followed by a derivatives volume plunge of 42.19% to $56.42 billion. This data, aligning with the slip in BTC’s price, underscored a reduced market appeal among investors for Bitcoin, potentially leading to further volatility.
However, the <a href="https://coingape.com/glossary/rsi-relative-strength-index/" target="_blank" rel="noopener noreferrer nofollow">RSI</a> hovered at 61, signaling that the broader technicals paint an optimistic scenario for BTC. This could further align with the analyst’s remarks, which claim a pullback is only for the short term, with long-term prospects being bullish post-halving.
Also Read: <a href="https://coingape.com/joe-lubin-teases-plan-to-take-consensys-mainstream-whats-next/" target="_blank" rel="noopener noreferrer nofollow">Joe Lubin Teases Plan To Take ConsenSys Mainstream, What’s Next?</a>
The post <a href="https://coingape.com/bitcoin-crash-top-analyst-cautions-btc-price-pullback-ahead/" rel="noopener noreferrer nofollow">Bitcoin Crash: Top Analyst Cautions of BTC Pullback Ahead</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Crash: Top Analyst Cautions of BTC Pullback Ahead

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