💥Legendary trader John Bollinger releases important Bitcoin price update
John Bollinger has just labeled the Bitcoin price chart with 'failure', and here are his predictions for the next move of the cryptocurrency
Bitcoin has officially completed a well-known technical setup that could influence its next significant move - and it has caught the attention of seasoned traders, especially after market legend John Bollinger emphasized this in his latest chart update.
The current formation is a combination of a 'W' shaped bottom and what is known as a 'three pushes up' pattern. This is a fairly standard technical analysis structure that typically appears at the tail end of a strong trend. The Bitcoin price formed a rounded bottom from March to April, followed by three distinct waves of upward movement, reaching slightly above $110,000 before losing momentum.
Bollinger first pointed out the 'W' shape back in April and shared an annotated chart on June 12. The chart shows that the third push has now failed, a small yet significant change that could mark a turning point.
Although this pattern does not guarantee a reversal, it often indicates that the previous trend is losing momentum and that a new phase - sideways consolidation or correction - may be on the horizon.
The current price action is slightly below the mid-band of the Bollinger Bands, which is a critical area to watch closely. If Bitcoin can hold this level, it may consolidate and regain footing. If it falls below this level, it could lead to a larger pullback, heading towards the lower band around $94,000.
But if a significant rebound occurs with high volume, it may indicate that the trend has not cooled off. Rather than predicting a market top, it acknowledges that the structure of the rally has shifted. The next move of the market will set the tone for the remainder of the quarter, and currently, everyone is watching whether buyers still have the momentum to push prices up.
