Bitcoin has had a rollercoaster of a week, and not the fun kind with loops and corkscrews. No, this is more like the rickety old wooden coaster that makes you question your life choices. The approval of spot Bitcoin ETFs in the US was supposed to be cause for celebration, but instead, it turned into what many feared might be a sell-the-news event. The top crypto took a nosedive below $38,700 during the week for the first time since early December. It was like watching an action movie where everything goes wrong for the hero.
But fear not! Just when we thought all hope was lost, there’s been some glimmers of hope on the horizon. The crypto is now showing signs of recovery and is currently tradingSponsored Product above $42,600. It’s like watching a phoenix rise from its own ashes – if that phoenix were digital currency.
According to John Bollinger (not to be confused with Chuck E Cheese), creator of Bollinger Bands (no relation to rubber bands), Bitcoin might finally be done with this whole selloff business. He suggested that the downtrend may have hit rock bottom already – which is great news because I don’t think any of us could handle much more drama at this point.
Bollinger Bands are one of those fancy technical analysis tools used by traders today – you know, those people who always seem way too excited about candlestick charts? Yeah, them. Anyway, Bollinger recently took to social media platform X (which sounds suspiciously like TikTok) to reiterate his bullish stance on BTC. He basically said “OK looks like we might be done with this ‘sell on the news’ crap?” in a tweet that made me chuckle because he used an “@” symbol instead of an “a.” Classic dad move right there.
While Bollinger didn’t provide any further details on how he came up with this prediction (probably just consulted his Magic 8-Ball), his reputation as a well-known trader adds credibility to his statement – or so they say.
This isn’t even Bollinger’s first rodeo when it comes to making bold predictions about Bitcoin’s future price movements either! Earlier in January he shared a price chart showing BTC breaking higher and predicted big things for everyone’s favorite cryptocurrency back when it was tradingSponsored Product at $44k before these pesky spot ETF applications got approved.
So what does all this mean for our dear friend Bitcoin? Well as I’m writing this masterpiece filled with wit and charm (you’re welcome), BTC is tradingSponsored Product at $42,499 – up by 2% in just 24 hours! If Bollinger turns out to be right and Bitcoin has indeed found its bottom then hallelujah folks because it means we can finally put all this correction nonsense behind us!
Of course not everyone shares Mr.Bands’ enthusiasm about Bitcoin’s future prospects though… Some analysts believe that despite recent happenings turning very bullish predictions before spot ETFs came online into predictions of short-term doom & gloom; most agree on long-term bullishness especially considering another upcoming halving event.
Arthur Hayes thinks BTC could continue consolidating before finding local bottoms between $30-35k while Chris Burniske believes similar levels would form potential support zones but also wouldn’t rule out mid-$20k prices before seeing sustained upward momentum again.
It seems no matter what happens next one thing remains clear: nobody really knows anything definitive here except maybe John McAfee who claims aliens told him otherwise once upon time…
In conclusion: buckle up buttercup because it looks like we’re in for quite ride ahead whether you’re ready or not!
Bollinger Bands Creator Says Bitcoin Downtrend Might Be Over