John Bollinger, the creator of the well-known Bollinger Bands, has gained recognition for his Bitcoin price prediction made over two months ago. Back in June, Bollinger analyzed the chart of Bitcoin using his technical indicator and mentioned that the price of BTC would likely see an uptrend. However, fast forward two months, and Bitcoin’s price stands at $59,480, slightly lower than the $60,940 mark from the time of Bollinger’s prediction.
Current Bitcoin Position
Despite Bollinger’s initial prediction, the current position of Bitcoin in relation to the Bollinger Bands suggests a bearish trend. The cryptocurrency seems to be trending towards the lower band, indicating a potential further decline in price. Over the past two months, Bitcoin has mostly traded sideways, with fluctuations in price but no significant upward movement. This has resulted in erasing any bullish actions that occurred during that time period.
Future Predictions
If we were to base our future predictions for Bitcoin on the Bollinger Bands once again, it is essential to note that the upper band is currently positioned just above $64,000, while the lower band sits at $56,290. With Bitcoin below the dividing line, it suggests a higher probability of the cryptocurrency falling towards the lower boundary rather than experiencing a significant rise in price. The upcoming closure of weekly, monthly, and quarterly candlesticks on Sunday, Sept. 1, will play a crucial role in determining Bitcoin’s future price direction.
While John Bollinger’s initial Bitcoin price prediction seemed optimistic, the current position of Bitcoin and its relationship with the Bollinger Bands indicate a more bearish outlook. The lack of significant upward movement in Bitcoin’s price over the past two months suggests a downward trajectory in the near future. Traders and investors should closely monitor the closing of candlesticks to gauge the potential direction of Bitcoin’s price movement.