John Bollinger on Bitcoin (BTC) Price Collapse: 'I Did Not See That Coming'

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Mon, 03/09/2020 - 15:15
Alex Dovbnya
Trading guru John Bollinger says that he didn't expect Bitcoin (BTC) to crash in tandem with broader financial markets
Cover image via twitter.com
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Trading veteran John Bollinger, who is known for inventing the Bollinger Bands indicator, has just acknowledged that the brutal Bitcoin price crash that took place on March 8 has caught him off guard.

In his new tweet, Bollinger says that he expected the benchmark cryptocurrency to act as a safe-haven asset amidst the global sell-off that is driven by the coronavirus (or COVID-19). 

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John Bollinger Suggests Bitcoin Price Might Have Reached Its Bottom

Bitcoin is not immune to COVID-19 

Bitcoin's safe-haven narrative has been around since the beginning of the coin's very existence given that it was created on the ashes of the 2008 economic crisis. However, once Bitcoin was put to a test during the early stages of what appears to be the first U.S. recession in more than a decade, it hit the rocks along with global equities. 

According to economist Nouriel Roubini, BTC dropping even more than U.S. stocks and other risk-on assets has proved that it cannot act as a hedge against global economic downturns. 

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Mike Novogratz Explains Why Bitcoin (BTC) Is Failing as Safe Haven

Even gurus fail to understand Bitcoin 

Bollinger, who has been in the industry for more than 30 years, rarely makes false Bitcoin calls. As reported by U.Today, he accurately forecasted a head-fake Bitcoin downturn that was followed by its third-biggest gain in history on Oct. 25, 2019.  

The fact that he couldn't get Bitcoin right this time around speaks volumes about how unpredictable this asset is. 

There is even a theory that PlusToken scammers, not the coronavirus, caused the 16 percent price drop by selling off their BTC holdings. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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