Legendary trader John Bollinger breaks silence on Bitcoin price

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John Bollinger, financial analyst and creator of Bollinger Bands, recently shared his thoughts on the price action of Bitcoin (BTC). His comments come at a time of significant volatility for the crypto market.

Over the past few weeks, the price of Bitcoin has seen considerable disruption. It was trading at around $70,000 before suddenly falling more than 4%, causing an epic market sell-off and anxiety among traders. This decline follows a period of price consolidation during which Bitcoin appeared poised to reach a new high.

Bollinger responded to the market’s belief that prolonged periods of consolidation can lead to significant price increases. He referenced an old market principle that “the bigger the base, the higher the space”, suggesting that a period of strong base could lead to significant upside. This idea is particularly relevant given the cryptocurrency market’s tendency to oscillate between fear and greed.

I wish I could remember the maxim: the bigger the base, the higher it is… Anyone?

– John Bollinger (@bbands) June 12, 2024

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. This prediction came true as the price fell to $67,000, where 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 soar into space after such a prolonged ordeal on traders’ nerves? It will be interesting to see what happens next.