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Tuesday, February 20, 2024

Trading Guru John Bollinger Forecasts Bitcoin Breakout, $50,000 On The Horizon?

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John Bollinger, a legendary Bitcoin (BTC) trader known for creating the Bollinger Bands strategy, has recently shared an optimistic view on Bitcoin’s future.

Bitcoin Poised For Further Surge?

In a post on X, John suggest that Bitcoin’s price is likely to “break higher” from its current levels. This prediction is based on his analysis using the Bollinger Bands chart, a popular technical analysis tool he developed. For context, Bollinger Bands are a type of statistical chart characterizing the prices and volatility of an asset over time.

They consist of a set of three lines: the middle line typically represents the simple moving average of the asset’s price, and the other two lines are plotted at a standard deviation above and below the average. This tool helps traders to assess market conditions and potential price movements.

I think it breaks higher. $btchttps://t.co/vH9yoFa2Ut

— John Bollinger (@bbands) January 4, 2024

Bollinger’s prediction using this methodology indicates a positive outlook for Bitcoin, especially significant in light of the recent market turbulence.

Bitcoin (BTC) price chart on TradingView
Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

Bitcoin’s Recovery And $50,000 Price Target

So far, Bitcoin’s journey in the crypto market has been marked by resilience, as evidenced by its recovery from a notably down turn in the market that resulted in the asset to trade in the $40,000 region.

Currently trading above the $43,000 mark, Bitcoin has shown a 3% growth in the past 7 days. This rebound is particularly noteworthy following a bearish report from Matrixport concerning a rejection of spot Bitcoin exchange traded funds (ETFs) by the US Securities and Exchange Commission (SEC).

Joining Bollinger in bullish predictions is Dan Gambardello, another well-respected analyst in the crypto space. Gambardello has projected an upward breakout for Bitcoin, potentially leading the digital currency to reach the $50,000 mark in the short-term and $60,000 in the long term.

This projection is tied to the anticipation of a spot Bitcoin ETF approval, which could serve as a significant catalyst for Bitcoin’s price movement. Gambardello explains that this upward trend would represent a historical breakthrough for Bitcoin, especially in terms of breaking through the lower highs of its Fibonacci level.

Bitcoin ETF Ticking Time Bomb! Approval Could Trigger Historic Crypto Rally!

Intro 00:00

Big Grayscale news 1:10

Bitcoin ETF final stretch 2:30

BTC price pressure building 3:15

$50k Bitcoin target 5:10

BTC attempting something it’s never done 6:30

Bitcoin dominance and altcoins… pic.twitter.com/uZZ2YrblCO

— Dan Gambardello (@cryptorecruitr) January 4, 2024

Notably, it is evident that the predictions from both Bollinger and Gambardello hinge significantly on the US SEC decision regarding the approval of a spot Bitcoin ETF. While optimism prevails, Gambardello has also cautioned that a rejection could lead to a decline in Bitcoin’s price, potentially dropping below $40,000 to find support around $37,000.

Featured image from Unsplash, Chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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