As an analyst with over three decades of market experience under my belt, I find John Bollinger’s insights on Bitcoin (BTC) intriguing and valuable. His creation of the Bollinger Bands has been instrumental in shaping technical analysis for traders worldwide.
Noted trader John Bollinger has recently shared his views on Bitcoin (BTC) price trends, providing an analysis of market fluctuations. Renowned for inventing the Bollinger Bands, a frequently utilized technical analysis method, Bollinger’s perspectives continue to be highly regarded within the cryptocurrency community.
John Bollinger notes the emergence of a ‘W’ shape on the weekly Bitcoin-to-US-dollar (BTCUSD) chart, indicating a potentially bullish scenario. In his latest tweet, he added a regression channel to accentuate the developing flag and expressed anticipation, waiting for confirmation of this setup.
A “W” pattern marks a double bottom, often regarded as a bullish signal. A double bottom is formed following a single rounding bottom pattern which can also be the first sign of a potential reversal.
Bollinger mentioned a regression channel — a three-line technical indicator used to analyze the upper and lower limits of an existing trend, implying that he is closely watching Bitcoin’s price as it trades within this channel.
According to the analysis using the regression channel, Bollinger notes that Bitcoin could potentially be shaping up as a bullish flag formation, a well-known continuation pattern indicating a potential surge in price after a phase of consolidation. He is waiting for a confirmatory signal before making his prediction.
BTC price action
After a lively week featuring interest rate adjustments, Bitcoin (BTC) experienced a 10% increase in its seven-day gains. The U.S. Federal Reserve reduced rates, the Bank of England halted cuts, and the Bank of Japan decided to maintain their current rates, as announced on Friday.
This week saw Bitcoin experiencing a significant rise, mirroring an uptick in the stock market, following the Federal Reserve’s decision to lower interest rates by 50 basis points. For four consecutive days, Bitcoin surged, peaking at $64,140 during Friday’s trading, before slightly retreating from its high point.
Currently, Bitcoin (BTC) has experienced a decrease of 0.63% over the past 24 hours, with its current value standing at approximately $63,087. However, it’s important to note that this cryptocurrency has shown an increase of 6.97% so far in September. Historically, September is a month when Bitcoin tends to perform weaker compared to the rest of the year.
As reported by IntoTheBlock, Bitcoin has been growing more influential compared to Ethereum and stablecoins this year, showing a 6% rise in its overall dominance.
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2024-09-21 15:50