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Legendary trader John Bollinger has noted that Bitcoin has undergone an "important reversal" at its lower Bollinger Band.
"Should be good for a long trade with targets at the middle and upper bands. The problem is that today's very long tail doesn't suggest a logical place to set a reasonable stop for the trade," Bollinger added.
Bollinger is, of course, known for making very prescient Bitcoin price predictions in the past, which is why his takes usually attract significant attention within the investment community.
The price of Bitcoin has briefly surged to an intraday high of $84,851, paring some recent losses. It is currently trading at $84,590, according to CoinGecko data.
Alex DovbnyaEarlier this Friday, the leading cryptocurrency plunged to $78,393, the lowest level in three months. The cryptocurrency is getting clobbered amid economic uncertainty and disastrous Bitcoin ETF outflows. Moreover, the crypto sentiment has also soured due to the recent memecoin crazy losing its luster.
With that being said, Standard Chartered analysts continue to predict that the cryptocurrency could reach $200,000 as soon as this year.
Dan Burgin
Vladislav Sopov