Legendary Trader John Bollinger Reveals If Bitcoin Price Ready to Squeeze

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As an experienced crypto investor who has followed John Bollinger’s market insights for years, I find his recent comments on Bitcoin intriguing. His silence on BTC price action is as legendary as his Bollinger Bands indicator itself. When he speaks, it’s like hearing the Oracle of Delphi comment on the crypto markets.

Legendary trader John Bollinger, known for developing the Bollinger Band indicator, has finally spoken up about the recent movements in Bitcoin (BTC). While Bollinger is usually reticent when it comes to discussing Bitcoin’s price action, his insights are always marked by a distinctive viewpoint and thorough analysis.

In reply to a follower’s comment suggesting that Bitcoin’s daily price movement might find support at the moving average and potentially form a “good squeeze”, Bollinger agreed and provided a chart showing the Bitcoin price. This chart featured Bollinger Bands, which visually represented Bitcoin’s fluctuations in relation to its moving average.

Significantly, the graph emphasized Bitcoin’s persistent strength over the moving average, an essential point of support.

Smiles, nods… Almost squozen…

— John Bollinger (@bbands) December 3, 2024

The trader accompanied his post with the caption, “smiles, nods…. almost squozen…”

As a researcher, I speculate that when the trader mentioned “almost squozen,” they were referring to the near-break of the support level for Bitcoin (BTC) to the downside. This potential development could be disadvantageous for the bulls, who are hoping for an upward trend. Contrastingly, a follower of Bollinger Bands might anticipate a squeeze toward the upper band, which currently resides just above $100,000.

It’s uncertain if Bitcoin staying at a significant support level along with positive signs from Bollinger could mean it’s preparing for a surge towards prices with six digits. This is something open to interpretation.

As an analyst, I find myself increasingly intrigued by the growing likelihood of the situation. The global market continues to hold its breath in anticipation of Bitcoin potentially breaking through this significant psychological and technical barrier.

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2024-12-04 12:23