Renowned trading expert and the inventor of Bollinger Bands, John Bollinger, is once again in the spotlight as his Bitcoin price prediction from over two months ago appears to be coming true. With Bitcoin stuck around $59,000 and showing signs of a possible drop, could we be on the verge of a major market move? Here’s what Bollinger’s bands signal now.
Bitcoin’s Sideways Movement
Over two months ago, Bollinger analyzed Bitcoin’s chart using his technical indicator and suggested that Bitcoin’s price might continue to rise. At that time, Bitcoin was trading at approximately $60,940.
Now, more than two months later, Bitcoin is trading around $59,480, slightly below the price when Bollinger made his prediction. Over this period, Bitcoin has largely traded sideways, showing no clear trend despite notable price swings.
Meanwhile, the cryptocurrency experienced both significant declines and gains, with some weeks seeing price increases of over 10%. Despite these fluctuations, Bitcoin’s price has remained relatively stable, indicating a lack of strong directional movement in the market.
What Bollinger Bands Are Hinting Now
According to the Bollinger Bands, a popular technical analysis tool that helps predict price movements by indicating overbought and oversold conditions, Bitcoin is currently positioned closer to the lower band. The upper band is just above $64,000, while the lower band is around $56,290.
Bitcoin’s current trading position below the middle line suggests a potential for further price decline, as it is more inclined to move towards the lower band than the upper.
Bitcoin Could Hit $64K
As the end of the month approaches, all eyes are on the upcoming closure of the weekly, monthly, and quarterly candlesticks, which will occur simultaneously on Sunday, September 1. This critical moment could serve as a major indicator of Bitcoin’s future direction.
Whether Bitcoin closes above or below the middle line of the Bollinger Bands on this day could determine whether the cryptocurrency is set for a rebound or further decline in the coming weeks.
However, if Bitcoin manages to hold above this line, it could suggest that the cryptocurrency is poised for a rebound, aligning with the upper band target of $64,000. This scenario could provide a more optimistic outlook for investors hoping for a price increase.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed