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Is Bitcoin Getting Ready for a Big Comeback? 🔄
Famous trader John Bollinger, the creator of Bollinger Bands, says Bitcoin might be forming a W-shaped pattern — a signal that the price could start going up again soon.
According to him, Bitcoin has found support near $74,000, and it's showing signs of a W-bottom, which usually means the downtrend might be ending. This pattern happens when the price dips twice before going back up.
But Bollinger also added that we still need confirmation before getting too excited. In his words:
“Classic Bollinger Band W bottom setup in BTCUSD. Still needs confirmation.”
📉 Is Bitcoin Finally at the Bottom? A W-Reversal Might Be Forming!
Bitcoin has dropped a lot since its mid-January high near $110,000. Now, the price is moving closer to the lower side of the Bollinger Bands, which shows that the market is still quite volatile. The top of the band is around $108,837, the bottom is near $77,138, and the middle line is about $93,000.
Famous trader John Bollinger says Bitcoin might be forming a W-bottom — a pattern that can signal a price bounce. This happens when the price dips twice around the same level, creating a "W" shape on the chart.
Here’s what the chart shows:
First drop: From ~$90,000 to around $76,000
Small recovery
Second drop: Down to around $74,500
Now holding that support level
📌 Bollinger says this support level could be the bottom, but he also warns that Bitcoin needs to break above $90,000 to confirm the pattern.
Other signs are also interesting:
Lower trading volume means selling might be slowing down.
Momentum indicators are starting to turn up, which could mean buyers are coming back.
Bollinger Bands (created by John Bollinger) help track market volatility. Right now, the bands are wide — which means big price swings are still possible.