Bitcoin has experienced a significant rise in recent days. In the past week and a half, the BTC price has risen by nearly 13%, reaching the $70,000 level. This surge has prompted market analysts to reassess as Bitcoin approaches an all-time high of $74,000. Legendary analyst John Bollinger’s Bitcoin forecasts is cautionary. Elsewhere, however, analyst nicknamed Dave the Wave is bullish.
John Bollinger’s Bitcoin forecasts is a warning!
As you have been following on Kriptokoin.com, Bitcoin has delighted its investors with its latest move. However, it is unclear whether this will continue. Despite Bitcoin’s upward trend, renowned analyst John Bollinger, creator of the widely used Bollinger Bands, expressed caution about the near future of the leading cryptocurrency. Bollinger Bands plot standard deviations above and below a simple moving average. Thus, it helps to identify volatility and potential price reversals. This indicator is quite popular among traders.
Recently, Bollinger pointed out an alarming pattern on Bitcoin’s price chart that signals a potential pullback or consolidation period. The analyst highlighted the emergence of a two-bar reversal in the Upper Bollinger Band, which usually signals a temporary market correction.
The analysis points to a short-term concern. However, the analyst remains optimistic about Bitcoin’s long-term prospects. His cautious stance is based on technical indicators rather than a fundamental bearish outlook. Bollinger’s outlook reflects current market sentiment, where optimism about Bitcoin’s future growth is tempered by an awareness of potential short-term volatility.
“Bitcoin is forming a big Bull Setup!”
An analyst nicknamed Dave the Wave, whose previous Bitcoin forecasts was successful, shared his new predictions. The analyte became famous in the market for successfully predicting the 2022 Bitcoin bottom. Dave the Wave says that Bitcoin is probably preparing for a major breakout. In this context, the analyst notes that Bitcoin is following a bullish pattern, trading in a range before gaining about 50%. In this direction, the analyst reacts by saying “BTC megaphone.” accompanied by a chart.
The analyst looks at the daily chart for his Bitcoin forecasts. He says that Bitcoin is in a bullish megaphone pattern with two high prices and two low prices. Based on this, the analyst suggests that BTC could rise to around $109,500. The analyst also says that the low prices in Bitcoin’s trading ranges, the 0.382 Fibonacci retracement levels, form a trendline that has stood as support since late 2023. “This chart belongs here. In a thread that goes back to the beginning of this month. BTC: a single line is dominant right now.”
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