- Top analyst John Bollinger recently took to a post on X, spotlighting the formation of a short-term bearish pattern on the BTC/USD price chart.
- He attributed this drop to a bearish pattern formed on the BTC/USD chart.
- Bitcoin's price illustrated a waning price action.
Discover the latest insights from top analyst John Bollinger on Bitcoin's potential price pullback and what it means for the market.
John Bollinger Says Pullback Not Long-Term
In Bollinger’s post on X, the analyst stresses the formation of a two-bar reversal at the upper Bollinger Band in the BTC/USD chart.
For context, the Bollinger Bands are a widely used technical analysis tool. They consist of a middle band and two outer bands. Bollinger has pointed out a bearish pattern forming on the upper band, suggesting a potential price consolidation or pullback.
However, the analyst added, “Not bearish here, just short-term concerned,” hinting that the pullback or sideways trading might be short-lived. As a whole, Bollinger’s remarks on BTC’s price movements have projected a ray of optimism on the token’s price movements in the long run.
A consolidation in BTC’s price trajectory would mean trading within a tight range moving ahead. On the other hand, a pullback in prices often results in an approximately 5% dip. Notably, it’s worth noting that, in tandem with the analyst’s remarks on BTC’s price movements, the token’s price action actually waned.
BTC’s Price Slips
As of writing, Bitcoin’s price chart illustrated a fall of 1.75% in the past 24 hours and is currently trading at $69,645. It’s 24-hour lows and highs are $69,191.12 and $70,876.14, respectively.
Coinglass data spotlighted a fall of 2.17% in BTC’s Futures and Options OI to $34.89 billion, further followed by a derivatives volume plunge of 42.19% to $56.42 billion. This data, aligning with the slip in BTC’s price, underscored a reduced market appeal among investors for Bitcoin, potentially leading to further volatility.
However, the RSI hovered at 61, signaling that the broader technicals paint an optimistic scenario for BTC. This could further align with the analyst’s remarks, which claim a pullback is only for the short term, with long-term prospects being bullish post-halving.
Conclusion
In summary, John Bollinger's recent analysis suggests a short-term pullback in Bitcoin's price, driven by a bearish pattern on the BTC/USD chart. Despite this, the long-term outlook remains optimistic, with potential bullish movements post-halving. Investors should stay informed and consider these insights when making decisions in the volatile crypto market.
