Trading Legend John Bollinger Indicates Potential Surge for Bitcoin
John Bollinger, the esteemed market analyst and the innovator behind the Bollinger Bands, has once again turned his focus to Bitcoin, hinting at a potential upward price movement in his recent X post.
He highlighted a two-bar reversal for Bitcoin at the lower Bollinger Band on Sept. 11/12 as the controlling technical factor, suggesting a possible surge if more strength is seen.
Anticipating Bitcoin rally
As reported by U.Today, Bollinger recently spotted a potential "upper band" breakout and indicated a possible bullish trend for the cryptocurrency.
Alex DovbnyaBollinger Bands comprise a middle band representing a simple moving average, and upper and lower bands signifying standard deviation levels from the middle band. These bands serve as a gauge to measure. Traders use these bands to identify potential price spikes and reversals in volatile markets.
Bitcoin price spike comes with caution
Bitcoin's price has recently experienced a 2.4% increase, currently valued at $27,000, with its market capitalization surpassing $530 billion.
Data analytics firm Santiment revealed a bright long-term outlook for Bitcoin, noting whale accumulations of Bitcoin and USDT. However, the firm also cautioned about possible short-term corrections due to heavy profit-taking by traders at the $27,000 mark.
Santiment advised monitoring the 7D MVRV (7-day market value to realized value): when it gets below 0, it may be ideal for another upward move.
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