U.Today – John Bollinger, financial analyst and creator of Bollinger Bands, recently shared his opinion on (BTC) price movements. His comments come at a time of significant volatility for the cryptocurrency market.
In recent weeks, the price of Bitcoin has seen considerable disruption. It traded around $70,000 before suddenly dropping more than 4%, causing an epic market sell-off and anxiety among traders. This drop came after a period of price consolidation in which Bitcoin looked poised to hit a new high.
Bollinger addressed the market belief that prolonged periods of consolidation can generate significant price gains. He referenced an old market principle, “the larger the base, the larger the space,” suggesting that a period of strong base could lead to a significant upside. This idea is particularly relevant given the crypto market's tendency to oscillate between fear and greed.
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 when the price fell to $67,000, the level at which it is currently trading. The key question now is whether BTC will maintain this level or see further changes.
Does Bollinger really expect the price of the leading cryptocurrency to fly into space after such a prolonged test of traders' nerves? It will be interesting to see what happens next.
This article was originally published on U.Today.
