{"id":626980,"date":"2024-06-29T09:30:27","date_gmt":"2024-06-29T09:30:27","guid":{"rendered":"https:\/\/ktsl888.com\/?p=626980"},"modified":"2024-06-29T07:12:13","modified_gmt":"2024-06-29T07:12:13","slug":"analyst-john-bollinger-foresees-more-consolidation-for-bitcoin","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin\/analyst-john-bollinger-foresees-more-consolidation-for-bitcoin\/","title":{"rendered":"Analyst John Bollinger Foresees More Consolidation For Bitcoin"},"content":{"rendered":"<p><span style=\"font-weight: 400\">In the last week, the price of Bitcoin took a significant nosedive, recording a 7% loss to trade as low as $59,478. According to <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener nofollow\">data from CoinMarketCap<\/a>, Bitcoin attempted a rebound following this dip but has since been stuck in consolidation between $60,100 &#8211; $62,300.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Commenting on this development, <a href=\"https:\/\/ktsl888.com\/news\/bollinger-bands-inventor-bitcoin-pullback\/\" target=\"_blank\" rel=\"noopener \">John Bollinger<\/a>, inventor of the Bollinger Bands, a popular technical momentum indicator, has provided potential insights into Bitcoin\u2019s next movement as investors continue to await the much-expected crypto bull run.<br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/market-tremors-10-billion-in-bitcoin-dumped-in-may-alone\/\" target=\"_blank\" rel=\"noopener \">Market Tremors: $10 Billion in Bitcoin Dumped in May Alone, What Does This Signal?<\/a><\/div>\n<h2><strong>Bitcoin To Remain In Consolidation, Bollinger Says<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">In an <a href=\"https:\/\/x.com\/bbands\/status\/91382264\" target=\"_blank\" rel=\"noopener nofollow\">X post<\/a> on June 28, Bollinger predicted the price of Bitcoin will maintain its current range-bound movement. The prominent analyst made this projection based on the absence of a price bound following a two-bar reversal at the lower Bollinger Band.<\/span><\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">No bounce after a Two-Bar Reversal at the lower Bollinger Band, more consolidation expected. <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> <a href=\"https:\/\/t.co\/vIH2wo4CsJ\" rel=\"nofollow\">https:\/\/t.co\/vIH2wo4CsJ<\/a><\/p>\n<p>&mdash; John Bollinger (@bbands) <a href=\"https:\/\/twitter.com\/bbands\/status\/91382264?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 28, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">For context, the Bollinger Bands consist of three lines (bands) namely a Middle Band which is typically a 20-day moving average of the asset\u2019s price, and an upper and lower band which represent the SMA plus and minus two standard deviations of the price respectively.\u00a0<\/span><span style=\"font-weight: 400\">The Bollinger Bands are primarily used for trend identification and for indicating potential breakouts and breakdowns.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Notably in trading, a two-bar reversal is a candlestick pattern showing a potential change in price direction. When this pattern occurs at the lower Bollinger Band, it often suggests that the asset might experience a bounce or a reversal to the upside due to being oversold.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, in the current case of Bitcoin in which there is no price gain following this development, it can indicate continued weakness or price indecision which may cause BTC to remain in consolidation.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Generally, such sideways price movements are driven by bearish or uncertain sentiments leading to a lack of buying pressure from investors even at lower prices. In addition, this absence of price bounce also indicates that the current lower Bollinger Band represents a weak support level increasing the risk of a <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-breakdown-40000\/\" target=\"_blank\" rel=\"noopener \">price breakdown<\/a>.<br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/is-the-bitcoin-bottom-in-price\/\" target=\"_blank\" rel=\"noopener \">Is The Bitcoin Bottom In? Crypto Expert Predicts Bullish Price Reversal<\/a><\/div>\n<h2><strong>BTC Price Overview<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">At the time of writing, the price of Bitcoin continues to trade at $60,629 with a 1.31% decline in the last day. However, the asset\u2019s daily trading volume is up by 15.95% and is currently valued at $24.8 billion.<\/span><\/p>\n<p>Notably, Bitcoin lost 11.69% of its value in June as its price dipped below $60,000. However, despite this decline, investors remain resilient in their expectations of a price rally to kick-start the crypto bull season. Notably, a crypto whale <a href=\"https:\/\/x.com\/ali_charts\/status\/73048018\" target=\"_blank\" rel=\"noopener nofollow\">recently<\/a> bought 20,200 BTC at $1.23 billion, showing much confidence in the token\u2019s ability to stage a price rebound and embark on a bullish run.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" style=\"font-weight: 600;text-align: center\" src=\"https:\/\/www.tradingview.com\/x\/uDR19Jqh\/\" alt=\"Bitcoin\" width=\"1480\" height=\"893\"><\/p>\n<p>BTC trading at $60,750 on the 4-hour chart | Source: BTCUSDT chart on Tradingview.com<\/p>\n<div class=\"disclaimer-shortcode\"><em>Featured image from Shutterstock , chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>In the last week, the price of Bitcoin took a significant nosedive, recording a 7% loss to trade as low as $59,478. According to data from CoinMarketCap, Bitcoin attempted a rebound following this dip but has since been stuck in consolidation between $60,100 &#8211; $62,300. Commenting on this development, John Bollinger, inventor of the Bollinger Bands, a popular technical momentum indicator, has provided potential insights into Bitcoin\u2019s next movement as investors continue to await the much-expected crypto bull run. Related Reading: Market Tremors: $10 Billion in Bitcoin Dumped in May Alone, What Does This Signal? Bitcoin To Remain In Consolidation, Bollinger Says In an X post on June 28, Bollinger predicted the price of Bitcoin will maintain its current range-bound movement. The prominent analyst made this projection based on the absence of a price bound following a two-bar reversal at the lower Bollinger Band. &nbsp; For context, the Bollinger Bands consist of three lines (bands) namely a Middle Band which is typically a 20-day moving average of the asset\u2019s price, and an upper and lower band which represent the SMA plus and minus two standard deviations of the price respectively.\u00a0The Bollinger Bands are primarily used for trend identification and for indicating potential breakouts and breakdowns.\u00a0 Notably in trading, a two-bar reversal is a candlestick pattern showing a potential change in price direction. When this pattern occurs at the lower Bollinger Band, it often suggests that the asset might experience a bounce or a reversal to the upside due to being oversold. However, in the current case of Bitcoin in which there is no price gain following this development, it can indicate continued weakness or price indecision which may cause BTC to remain in consolidation. Generally, such sideways price movements are driven by bearish or uncertain sentiments leading to a lack of buying pressure from investors even at lower prices. In addition, this absence of price bounce also indicates that the current lower Bollinger Band represents a weak support level increasing the risk of a price breakdown. Related Reading: Is The Bitcoin Bottom In? Crypto Expert Predicts Bullish Price Reversal BTC Price Overview At the time of writing, the price of Bitcoin continues to trade at $60,629 with a 1.31% decline in the last day. However, the asset\u2019s daily trading volume is up by 15.95% and is currently valued at $24.8 billion. Notably, Bitcoin lost 11.69% of its value in June as its price dipped below $60,000. However, despite this decline, investors remain resilient in their expectations of a price rally to kick-start the crypto bull season. Notably, a crypto whale recently bought 20,200 BTC at $1.23 billion, showing much confidence in the token\u2019s ability to stage a price rebound and embark on a bullish run. BTC trading at $60,750 on the 4-hour chart | Source: BTCUSDT chart on Tradingview.com Featured image from Shutterstock , chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":626981,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,1057,1144,78790,62408,5127],"class_list":["post-626980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bollinger-bands","tag-btcusd","tag-btcusdt","tag-john-bollinger","tag-price-consolidation"],"acf":[],"yoast_head":"\n<title>Analyst John Bollinger Foresees More Consolidation For Bitcoin<\/title>\n<meta name=\"description\" content=\"John Bollinger has provided potential insights into Bitcoin next movement as investors continue to await the much-expected crypto bull run.\" \/>\n<meta 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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