Bitcoin's Bull Run May Be Delayed - John Bollinger Warns Traders
The price of Bitcoin has risen significantly this year, reaching a record level of $111,980. But now it has dropped to around $104,515, down 3% in the last 24 hours. It seems that the strong rally may be losing steam. Veteran trader John Bollinger, creator of Bollinger Bands, shared a warning. He sees a pattern that may indicate that Bitcoin could slow down or pull back soon. The "Three to High" pattern. In a tweet, Bollinger shared a chart showing the "Three to High" pattern. This pattern occurs when the price touches the upper Bollinger Band three times in a row but cannot go higher. This usually indicates that the upward trend is tiring, and the price may soon level off or even dip slightly. Looking at the chart, the price of Bitcoin reached nearly $108,000, testing the upper range three times. But after these pushes, the candles became smaller, and the price started to move up and down instead of rising. This is often a sign that buyers are losing steam and that the price needs to cool off. Why traders should pay attention. Although Bollinger did not make any direct predictions, the timing of this pattern is important. Bitcoin recently fell below $105,000 after touching nearly $112,000 a few weeks ago. This rally followed an earlier analysis by Bollinger in April, when he correctly identified a bullish setup while BTC was trading around $74,000. Bollinger's message is important as it serves as a reminder that no rally lasts forever. Polymarket Bets: Bitcoin Aiming for $2025. On the popular betting platform, people have already placed over $12 million in bets on where the price of Bitcoin will land in 2025. Most are betting that Bitcoin will eventually reach $120,000 by the end of the year, with this figure having a 76% chance of being correct. This positive outlook comes from more large institutions getting involved in Bitcoin, leading people to believe that the price will continue to rise.
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