Crypto:
30601
Bitcoin:
$58.513
% 1.11
BTC Dominance:
%53.3
% 0.09
Market Cap:
$2.13 T
% 0.20
Fear & Greed:
25 / 100
Bitcoin:
$ 58.513
BTC Dominance:
% 53.3
Market Cap:
$2.13 T

Bollinger: Bitcoin’s Consolidation and Future Moves

John Bollinger

Financial analyst and developer of the Bollinger Bands, John Bollinger, has offered his opinions on Bitcoin price swings.

His remarks fall amid a period of notable volatility for the cryptocurrency industry.

The price of bitcoin has seen significant swings during the last few weeks. Before abruptly declining more than 4%, it quoted roughly $70,000 and caused great market liquidation and trading panic. This decline came after a period of price consolidation during which Bitcoin seemed set for a fresh high.

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Bollinger addressed the market’s conviction that long stretches of consolidation might produce notable price increases. Drawing on an old market idea, “the bigger the base, the higher in space.” he implied that a strong base phase could result in notable upside. Given the trend of the crypto market toward swings between fear and greed, this concept is very pertinent.

“I wish I could remember the maxim: The bigger the basis, the higher… anyone?”

His most recent remarks fit his earlier forecasts. One month ago, when Bitcoin was trading close to $70,000, Bollinger made hints of a likely price retreat. That forecast proved accurate when the price dropped to $67,000, where it is presently trading. The main concern currently is whether BTC will maintain this degree or experience more adjustments.Coin Market Cap converts BTC to USD.

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