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- 🎉 Hey Gate Square friends! Non-stop perks and endless excitement—our hottest posting reward events are ongoing now! The more you post, the more you win. Don’t miss your exclusive goodies! 🚀
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Legendary Analyst John Bollinger Issues Critical Warning for Bitcoin (BTC)!
The leading cryptocurrency Bitcoin (BTC) made headlines just a few weeks ago with a new record of 111 thousand dollars, but then experienced a decline.
The fact that this decline is nearing the critical level of 100 thousand dollars has raised concerns that the correction could deepen further.
At this point, a renowned analyst and the creator of Bollinger Bands, John Bollinger, warned that the upward momentum in Bitcoin is weakening and that further pullbacks may occur.
In a post from his X account, John Bollinger stated that a "Push Towards Three Peaks" pattern has formed on the Bitcoin chart.
This model occurs when the Bitcoin price reaches the upper part of the Bollinger Band three times in a row but cannot go higher.
The analyst indicating that this model has occurred stated that it means Bitcoin could experience further declines before a strong rally and that the upward momentum could reverse.
Looking at the chart shared by Bollinger, Bitcoin's price has reached levels close to $108,000 and has tested the upper band three times. However, after these tests, the candles shrank and the BTC price went up and down instead of making a direct upward move. This is often interpreted as a sign that buyers have lost their strength and momentum, and that the price needs to cool down a bit in order to rise again.
*This is not investment advice.
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