Coingape•1 year ago•

John Bollinger Predicts More Bitcoin Consolidation, Here's Why

Bitcoin

BollingerBands

Crypto

ETF

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Summary:

John Bollinger, a veteran trader and creator of the Bollinger Bands indicator, expects more Bitcoin (BTC) consolidation following no bounce after a two-bar reversal at the lower Bollinger Band.
Bitcoin has experienced a tumultuous month, declining by 10.1% MTD.
The spot Bitcoin ETF market selloff, driven by outflows from various ETF issuers, has contributed to the recent slump.
Bollinger Bands indicate oversold conditions for Bitcoin, but don't predict the specific timeline for a trend reversal.
Bitcoin's recovery requires a significant catalyst, such as the SEC approving a spot Ethereum ETF.
Altcoins like Toncoin are decoupling from Bitcoin's sluggish price action, showing growth.

John Bollinger, the creator of the Bollinger Bands indicator, predicts that Bitcoin (BTC) will likely continue to consolidate, as he has observed no bounce after a two-bar reversal at the lower Bollinger Band. This comes as Bitcoin faces a tumultuous month, with a 10.1% month-to-date (MTD) slump and an ongoing sell-off in the spot Bitcoin ETF market. Bollinger Bands don't predict the specific timing of a trend reversal, but they do suggest oversold conditions for Bitcoin. Recovery for Bitcoin, however, requires a strong catalyst, potentially in the form of the SEC approving a spot Ethereum ETF. Meanwhile, some altcoins like Toncoin are decoupling from Bitcoin's sluggish price action, demonstrating growth.