John Bollinger, the inventor of the Bollinger Bands indicator and master trader, has unveiled his new forecasts and notes that a big move in the price of Bitcoin is imminent.
John Bollinger: big move in Bitcoin price imminent
Veteran analyst John Bollinger, who invented the Bollinger Bands (BBS) indicator to measure volatility, made the statement on Twitter to indicate that it was time to be ‘constructive’ on Bitcoin. John Bollinger makes the following statement: BTC/USD is starting to be constructive again.
Apparently the analyst points out the squeeze on Bollinger bands that usually precedes a big price move. The price of Bitcoin is currently stuck in a trading range of $50, with an unprecedented level of stability. However, with the asset’s historical volatility falling below 40, traders naturally expect wild volatility in the near future.
Many of the master trader’s Bitcoin predictions have been successful!
Bitcoin sits just above its 20-day Simple Moving Average (SMA), which has led to a contraction of bands. In the end, Bitcoin is historically recording price changes of more than 20 percent, as noted by cryptocurrency trader Josh Olszewicz when it comes to creating a squeeze. In particular, many of John Bollinger’s Bitcoin predictions were highly successful last year. That’s why market participants pay close attention to the analyst’s remarks.
In October 2019, John Bollinger of BTC called the move a ‘head fake’ movement down under that imprisons bears. On October 23, the price of BTC fell to $ 7,300, followed by a massive rally just two days later with News that China would lead the way on Blockchain technology. In April, the analyst made the comments before a 40 percent jump in the price of Bitcoin, the leading cryptocurrency setting the model the analyst cited. Later, John Bollinger urged investors to be “cautious or short” after the price rose to $10,400, and he predicted this too correctly.
