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Although the price of Bitcoin has managed to climb back above the $60,000 mark, it continues to hover near a key support level, testing the nerves of crypto enthusiasts and traders alike.
After several days of massive price action, culminating in yesterday’s rebound and the long-awaited greening of quotes, the crypto market has gone into its quieter trading mode, which means that its participants on both the bullish and bearish sides have taken a break to think about what’s next.
Against this backdrop, new opinions and discussions began to emerge. John Bollinger, the legendary trader and creator of the popular Bollinger Line indicator, was not left out.
Thus, when asked for his opinion on the developing setup on the Bitcon price chart, Bollinger shared his insight, highlighting a two-bar reversal pattern at the lower Bollinger Band. This pattern, he believes, has occurred in a logical place and is likely to result in at least a bounce with the potential to test the highs once again.
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 fact, on the Bitcoin price chart that Bollinger attached to his prediction, you can see how clearly the price of the major cryptocurrency reversed in two daily candles near the lower band.
If the trader’s prediction comes true, we can expect the major cryptocurrency to at least reach the upper band, which now stretches around $72,000 per BTC. Matter of fact, Bitcoin’s all-time high, set earlier this spring, is also near this range.
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