Is Bitcoin Ready To Bottom Out? Veteran Analyst John Bollinger Weighs In on State of BTC

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Is Bitcoin Ready To Bottom Out? Veteran Analyst John Bollinger Weighs In on State of BTC

A seasoned crypto analyst is closely tracking Bitcoin (BTC) price action as he attempts to determine whether the leading crypto by market cap has carved a bottom.

John Bollinger, the technical analyst who invented the Bollinger Bands metric, tells his 222,100 Twitter followers that after BTC’s drop from its all-time high of $69,000 to below $20,000, Bitcoin may actually be in a position put in a macro bottom.

“Pictiúr barr foirfe dúbailte (cineál M) i BTC/USD ar an gcairt mhíosúil comhlánaithe le deimhniú ag Bandaleithid agus leanann % b le clib den Bhanda Bollinger níos ísle. Níl aon chomhartha ar cheann acu go fóill, ach bheadh ​​sé seo ina áit loighciúil le bun a chur isteach.”

Foinse: John Bollinger/Twitter

While traders use Bollinger bands to predict an asset’s next volatile move, the bands themselves could also indicate potential reversal areas. Traders view the upper band as resistance while they see the lower band as support.

I gcás Bitcoin, Bollinger highlights that BTC has managed to stay above the lower band on the monthly chart, suggesting Bitcoin could carve a bottom at current prices.

Bollinger’s analysis comes as leading analytics firm Santiment says they’re seeing positive on-chain signals for BTC. According to Santiment, interest in Bitcoin has risen this month, indicating that traders are taking a break from heavy altcoin speculation.

"Bitcoin Tá plé méadaithe le feiceáil sa dara leath de Mheitheamh tar éis don chuid is mó de altcoins titim 80% nó níos mó óna luachanna caipín margaidh Samhain. Go stairiúil, is comhartha dearfach do cripte iad leasanna laghdaitheacha i gcaidéil alt neamhorgánacha.

Foinse: Santiment / Twitter

Deir Santiment freisin, mar a tharraing na margaí crypto ar ais thar an deireadh seachtaine, thug trádálaithe tosaíocht do altcoins a ghiorrú.

“As prices gradually fell on Sunday, traders have shown that though they may proclaim to be buying the dip, they are shorting more on these mini drops. Interestingly, this only applies to altcoins right now, indicating that Bitcoin á threabhadh mar thearmann sábháilte.”

Foinse: Santiment / Twitter

Agus é seo á scríobh, Bitcoin ag trádáil ar $20,300, síos 2.6% ar an lá.

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