Prominent Trader Thinks Bitcoin Is Preparing Its Next Move
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Prominent trader John Bollinger, who rose to prominence after inventing the Bollinger Bands indicator, noted the recent short Bitcoin squeeze that pushed the largest cryptocurrency to its highest level since September 22nd.
$ btcusdHe achieved the first goal and exceeded it. The second target is the upper Bollinger Bands, just below 50K. You’re running that animated stop, right?
– John Bollinger (bands) October 1, 2021
Now that Bitcoin has surpassed Bollinger’s first target, the upper coin is expected to rise to the upper band, which is below the $50,000 level.
As reported by U.Today, bitcoin turned bullish a day after traders sold off the El Salvador news.
Earlier today, the benchmark cryptocurrency revisited the $48,000 level, paring all losses caused by the double whammy of the Evergrande crisis and the growing Chinese crackdown on cryptocurrency.
Raoul Pal, co-founder of Real Vision, recently described the Bitcoin chart as “glamorous” and predicted that a “very, very strong” upward movement is on the cards:
Bitcoin’s long-term history chart looks pretty mesmerizing. Who knows if the wedge breaks on the first try but a consolidation pattern of this size usually leads to a very, very strong bullish move. #BTC pic.twitter.com/qVIt8XxGgT
– Raoul Ball (@RaoulGMI) October 1, 2021
