Cryptonews Bitcoin News Bitcoin Price Prediction as Legendary Trader John Bollinger Identifies Key Reversal Pattern – Will BTC Surge?

Bitcoin Price Prediction as Legendary Trader John Bollinger Identifies Key Reversal Pattern – Will BTC Surge?

Arslan Butt

Last updated: June 26, 2024, 07:17 EDT | 2 min read

Bitcoin Price Prediction - Source: Tradingview — Bitcoin Price Prediction – Source: Tradingview

Bitcoin’s price has climbed back above $60,000 but remains close to a critical support level, causing anxiety among crypto traders. After several days of intense price movements, the market has entered a quieter phase, giving both bullish and bearish traders time to reassess their positions.

Market Sentiment and Expert Analysis

During this lull, new analyses and opinions have surfaced. Notably, John Bollinger, the famous trader and creator of the Bollinger Bands indicator, provided his insights. He pointed out a two-bar reversal pattern at the lower Bollinger Band on Bitcoin’s price chart. Bollinger explained that this pattern, appearing at a logical point, could signal an imminent bounce, potentially leading to a retest of previous highs.

It is a lovely two-bar reversal at the lower Bollinger Band that occurred at a logical place. Should be good for at least a bounce.. Perhaps a test of the highs?https://t.co/qYy634PTOS

— John Bollinger (@bbands) June 25, 2024

In the attached Bitcoin price chart, Bollinger highlighted how the price reversed over two daily candles near the lower band, emphasizing the pattern’s clarity and potential implications.

Key Points to Watch

Bitcoin Price: Above $60,000, hovering near key support.
Market Phase: Quieter trading, allowing traders to reassess.
Expert Opinion: John Bollinger highlights a two-bar reversal pattern at the lower Bollinger Band.
Potential Outcome: Expected bounce with the possibility of retesting previous highs.

This analysis by Bollinger has sparked discussions among traders, adding a layer of optimism amidst the cautious market sentiment. As the market awaits further movements, traders are closely monitoring these technical indicators and expert insights to make informed decisions.

Bitcoin Price Prediction

Bitcoin (BTC/USD) is trading at $61,660, down 0.01%. The 4-hour chart highlights a pivot point at $62,140, crucial for determining market direction, suggesting a bearish Bitcoin price prediction.

Immediate resistance is noted at $63,440, followed by $64,510 and $65,710. On the downside, immediate support stands at $60,620, with further support at $59,670 and $58,630.

The Relative Strength Index (RSI) is at 48, indicating neutral market conditions. The 50-day Exponential Moving Average (EMA) is positioned at $62,440, acting as a significant resistance level.

Conclusion: Bitcoin remains bearish below the $62,140 pivot point. A break above this level could shift the bias towards bullish momentum, while staying below may trigger further selling pressure.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.