Legendary trader John Bollinger recently commented on Bitcoin’s price action, noting its resilience above the moving average and potential for a price squeeze. His insights, coupled with a supportive chart, indicate that Bitcoin may be approaching a critical juncture, potentially leading to significant price movements towards $100,000 and beyond.

John Bollinger, renowned for creating the Bollinger Bands indicator, has recently commented on Bitcoin’s price action, a rarity for the veteran trader. He acknowledged a follower’s observation regarding Bitcoin’s daily candle finding support at the moving average, indicating a potential for a “good squeeze.” Bollinger shared a price chart illustrating the cryptocurrency’s movements relative to its moving average, showing Bitcoin’s resilience above this critical support level.

Bollinger captioned his post with, “smiles, nods.. almost squozen…” suggesting that Bitcoin’s price is on the verge of a significant movement, potentially breaking down through support, which would be detrimental to bulls. Those familiar with Bollinger Bands would anticipate a squeeze leading towards the upper band, currently above the $100,000 mark.

The market remains focused on whether Bitcoin’s ability to maintain this support level, coupled with Bollinger’s cryptic affirmation, could signal an impending surge towards a six-digit price. As traders weigh the probabilistic analysis, the interest surrounding Bitcoin’s potential to achieve this historical milestone intensifies.

The commentaries surrounding Bitcoin and its trader sentiment are shaped significantly by experienced market figures like John Bollinger. As a luminary in the financial sector, Bollinger’s views often guide trader behavior, especially regarding technical indicators such as the Bollinger Bands. This indicator helps assess price volatility and potential price movements based on standard deviations from a moving average, providing crucial insight into market dynamics. Bitcoin’s historical price behavior makes data interpretation highly sought after in the cryptocurrency community, thus reflecting the critical nature of Bollinger’s insights.

In summary, John Bollinger’s recent remarks regarding Bitcoin’s price action suggest a pivotal moment for the leading cryptocurrency. His indication of Bitcoin maintaining support above the moving average might be interpreted as a prelude to a significant price movement, either way. The accompanying speculation regarding an impending squeeze emphasizes the ongoing interest in Bitcoin’s trajectory, particularly regarding its potential to reach six-digit figures, warranting trader attention and analysis.

Original Source: u.today

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