 ▲ John Bollinger/Source: |
Bitcoin (BTC) has been moving sideways within a large range between $56,552 and $73,777 in recent months.
Meanwhile, legendary trader John Bollinger predicted in a post on the X social media platform on the 29th (local time) that Bitcoin (BTC), a leading cryptocurrency, will continue to consolidate within its current range.
John Bollinger, a famous analyst who created the Bollinger Band (an indicator designed to determine the movement of stock prices within the band by displaying the width of the upper and lower bands with the same standard deviation according to stock price fluctuations), said that the flagship coin 'reversed two bars' in the low Bollinger Band. (Two-Bar Reversal), the price failed to rebound, and it was analyzed that integration would be prolonged.
No bounce after a Two-Bar Reversal at the lower Bollinger Band, more consolidation expected. #Bitcoin https://t.co/vIH2wo4CsJ
— John Bollinger (@bbands) June 28, 2024
Meanwhile, Rekt Capital, an anonymous cryptocurrency trader with about 480,000 followers of
He said, "Immediately after the halving, Bitcoin always goes through the 're-accumulation' phase and moves sideways in the box range. This time too, Bitcoin continues to fluctuate in the box range for re-accumulation."
He continued, "In this cycle, BTC's tempo has accelerated, breaking new highs before the halving, but after the halving was applied, it is slowing down and taking a breather. Rather, the possibility of a bull market has increased, and a longer bull market is expected than the previous cycle." analyzed.
To this end, Rect Capital added that BTC must protect the support line at the bottom of the range ($60,000).
