John Bollinger Predicts More Consolidation Ahead
The week is almost over and many investors’ expectations for the Bitcoin (BTC) price may not come true. The cryptocurrency continued its consolidation movements and dropped to $60,612.59 in the last 24 hours.
Bitcoin Price Consolidation Will Continue
According to John Bollinger, creator of the Bollinger Bands indicator, Bitcoin’s price may be far from a breakout. He is known for tracking Bitcoin’s performance over time. This time, the experienced trader said he didn’t see any bounce after Bitcoin’s two-bar retracement of the lower Bollinger Bands. According to his commentary, he expects more consolidation going forward.
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Judging by the recent performance of the Bitcoin price, these predictions seem possible. At the time of writing, the BTC price is changing hands at $60,726.66, down 1.78% in the last 24 hours. This month continues to be one of the most turbulent for Bitcoin so far this year.
According to Cryptorank data, the cryptocurrency is currently down 10.1% Month-to-Date (MTD). Since January, the digital currency has been known to close the month on a bullish note, except for April, when it fell by over 14%. On John Bollinger’s orders, Bitcoin is unlikely to break above the critical resistance level above $62,000 this month.
While Bollinger Bands do not predict the actual timeline of a trend reversal, they do provide other information. This is demonstrated by the fact that Bitcoin is currently oversold.
The spot Bitcoin ETF market is the main catalyst for this sell-off. With different ETF issuers experiencing exits at different times, the retail market decline has become inevitable.
Recovery Requires Extraordinary Catalyst
Bitcoin still has a significant impact on the broader digital currency ecosystem. However, many altcoins are now diverging from the top coin due to legacy price action.
One of the digital currencies in this spectrum is Toncoin (TON). Despite this brief period of consolidation, Toncoin has grown by over 18% so far this month. One of the biggest differences between Toncoin and Bitcoin is the rapidly expanding playing field on the open network.
Bitcoin price needs an aggressive catalyst to make the much-needed recovery and breakout. This could happen once the SEC approves the spot Ethereum ETF to begin trading.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to ensure mainstream acceptance and integration of the emerging technology worldwide. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a sports and agriculture enthusiast. Follow him excitementLinkedIn
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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