In anticipation of possible ETF approvals, Bollinger Bands inventor John Bollinger predicts that Bitcoin’s price will continue to rise.
John Bollinger, the Bollinger Bands strategy’s originator and a legendary Bitcoin (BTC) trader, is bullish on Bitcoin’s future. John Bollinger, using his official X account, published a Bollinger Bands chart and forecasted that Bitcoin’s price would “break higher” from its present position.
Due to what many industry watchers see as a misleading report by Matrixport regarding the possibility of the SEC rejecting applications for spot Bitcoin exchange traded funds (ETFs), the price of Bitcoin had one of its worst weeks in months, falling as low as $40,000 this week.
The revelation led to a significant sell-off by Bitcoin bears, which at the time resulted in market liquidations of over $650 million. There was a ripple effect on altcoins from Bitcoin’s decline, and many of them have still not fully recovered.
In the last 24 hours, Bitcoin’s price has risen 1.60% to $43,827.07, coinciding with the Bollinger projection. Bitcoin has breached the psychologically significant barrier mark at $43,000 during its rally overnight. This level may become support for the currency if Bollinger’s prediction comes true.
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