Renowned analyst John Bollinger predicts potential Bitcoin breakout this week amid signs of crypto market tightening
While the cryptocurrency market remains relatively stable, renowned analyst John Bollinger predicts a possible Bitcoin breakout this week.
In a recent Twitter exchange with fellow analyst Bob Loukas, who mentioned that Bitcoin is “coiling and tightening – creating pressure,” Bollinger echoes bullish sentiment, stating, “We’re almost in a tight spot.”
Anticipation of a compression of the Bollinger Bands suggests that the market may soon experience increased volatility, leading to a large price movement.
The Bollinger Bands indicator, created by John Bollinger, is a popular tool used in technical analysis to measure market volatility and identify potential breakouts. The bands widen during periods of increased volatility and contract when volatility decreases. A squeeze, as Bollinger mentioned, occurs when the bands contract significantly, indicating potential price movement ahead.
This latest prediction comes just weeks after Bollinger tweeted about Bitcoin’s boost due to a “flight to quality” on March 20 during an ongoing banking crisis.
At the time, he wondered if this could be the turning point in the crypto cycle or if the market would punish itself again. The answer to this question may be just around the corner.