Investors are eagerly waiting for the downward trend of Bitcoin to end and begin, but John Bollinger Band creator, said there is a bottom formation in BTC.
At this point, John Bollinger said that the Bitcoin Bollinger band is about to form a double bottom, but this has not been confirmed yet.
Following the sharp decline, John Bollinger said that Bitcoin could be forming a classic “W” bottom pattern based on the %B indicator.
The %B indicator measures the closing price of an asset based on its position within the Bollinger band. This means that Bitcoin formed the bottom according to the Bollinger Band.
“According to Bollinger Bands, the classic W-bottom is formed in the Bitcoin/USD trading pair. However, this still requires confirmation, as Bollinger bands in both the weekly and daily time frames indicate that trend reversals have not yet occurred.”
According to Bollinger, confirmation is still necessary, but could indicate a potential price recovery. “W” bottoms get lower prices and when touching a low band, it produces a bottom.
Experienced analyst Timothy Peterson also shared his expectations for Bitcoin, predicting that Bitcoin can only rise after stocks are found to be at a bottom.
*This is not investment advice.
