Cryptocurrency trader John Bollinger has shared his take on the current state of the cryptocurrency market, claiming that now is the time to start looking for a local bottom.
The inventor of the Bollinger Bands indicator noted that his statement concerned Bitcoin as well as the top altcoins.
Bollinger says that he will be watching price action near the lower band:
I don't have any idea where the bottom will occur, but I'll be watching price action near the lower Bollinger Band.
The largest cryptocurrency is currently flat after plunging to as low as $50,360 earlier today.
Bitcoin inevitably dragged down other top cryptocurrencies together with it. Polkadot (DOT) and Uniswap (UNI) are the two worst-performing coins in the top 10 at press time.