John Bollinger, the iconic Bitcoin (BTC) trader credited with devising the Bollinger Bands strategy, has recently expressed a positive outlook on the future of Bitcoin.
Is Bitcoin Ready for Another Upward Surge?
In a post on X, John indicates that Bitcoin’s price is likely to experience an upward breakout from its current levels. This forecast is grounded in his analysis using the Bollinger Bands chart, a widely used technical analysis tool that he developed. For context, Bollinger Bands are a statistical chart depicting the prices and volatility of an asset over time.
These bands comprise three lines: the middle line usually represents the simple moving average of the asset’s price, while the other two lines are plotted at a standard deviation above and below the average. This tool aids traders in evaluating market conditions and anticipating potential price fluctuations.
For additional insights, check out: “Bitcoin at a Crossroads? Economist’s Grim Prediction Clashes With Optimism for Spot ETF Approval.”
Bitcoin’s Rebound and the $50,000 Price Objective
Bitcoin has showcased remarkable resilience in the cryptocurrency market, rebounding from a significant downturn that saw it trading in the $40,000 range. Currently surpassing the $43,000 mark, Bitcoin has experienced a 3% growth in the past 7 days. This recovery is noteworthy, especially in the aftermath of a pessimistic report from Matrixport regarding the rejection of spot Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC).
Adding to the optimistic sentiment alongside Bollinger is Dan Gambardello, a highly regarded analyst in the crypto sphere. Gambardello envisions an upward breakout for Bitcoin, potentially propelling the digital currency to reach $50,000 in the short term and $60,000 in the long term.
This projection is anchored in the expectation of a spot Bitcoin ETF approval, which could serve as a significant catalyst for Bitcoin’s price trajectory. Gambardello elucidates that this upward trend would signify a historic breakthrough for Bitcoin, particularly in terms of surpassing the lower highs of its Fibonacci level.
Significantly, the forecasts provided by both Bollinger and Gambardello are closely tied to the upcoming decision by the US SEC regarding the approval of a spot Bitcoin ETF. Despite the prevailing optimism, Gambardello has issued a warning that a rejection could trigger a decline in Bitcoin’s price, possibly falling below $40,000 and seeking support around $37,000.