The Creator of the Bollinger Bands Believes $6520 Was The Bitcoin Bottom
John Bollinger is the latest addition in the bullish train. The creator of the popular Bollinger Bands recently tweeted, showing his approval of the current Bitcoin price trends.
Turkey week bottom in crypto space? The setup is looking good. $BTCUSD
— John Bollinger (@bbands) November 25, 2019
Could We Have Hit The Bottom?
Falling Bitcoin prices in the past month or so may have finally bottomed.
The dip recorded on November 25th is likely the bottom Bollinger was referring to.
Bitcoin’s price bottom is probably the indicator of the changing tides in the cryptocurrency industry. Those invested in the sector are accumulating, while those who are only concerned about short term gains are selling their assets.
Hitting bottom could be very exciting news for those who have been accumulating during the price drop.
According to an earlier prediction, after Bitcoin falls and hits its price bottom, a rebound to $10,000+ is expected by the end of the year.
Given his expertise in technical analysis, Bollinger is likely making an educated prediction on the price of Bitcoin based on his assessment.
Yes, the bounce was good. However, I would like to see it breaking above the Yellow line. I’ll wait until it happens… pic.twitter.com/dBEeW1ExeS
— Mihir (@RythmicAnalyst) November 25, 2019
Some members of the community agree with Bollinger. However, they are “cautiously bullish,” as seen in the tweet above. Some thresholds must be passed before the community is entirely on-board a bullish Bitcoin.
— Crypto Entropy (@Crypt0Entropy) November 25, 2019
Others challenged the bullish talk going around Twitter, giving their arguments based on other technical analyses of Bitcoin’s performance.
The latest price movements indicate a market that is testing the waters around a bull run. The reason why we haven’t seen a proper bull run yet may be that the market is still uncertain. However, with players like Bollinger giving their opinions, the market may soon make its decision.
Featured Image Source: Yahoo Finance
Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at email@example.com