Legendary trader John Bollinger saw the significant increase and noted, “The primary sample failed, but the second did not,” in reference to the velocity of the cryptocurrency. According to Bollinger’s analysis, there is potential for Bitcoin to continue moving upward.
Dave the Wave contributed to the conversation on the turbulence of the stock. His tweet provided analysis of Bitcoin’s monthly shifting common convergence divergence (MACD), which after nearly two years showed a bullish recross.
Despite the complexity of these patterns, Bollinger’s forecast for the cryptocurrency’s probable future growth is consistent with Dave the Wave’s analysis.
The environment for funding cryptocurrencies saw some significant activity. The two biggest names in finance, BlackRock and Invesco, have taken action against exchange-traded fund (ETF) registrations. In particular, BlackRock submitted an application last week for what might become the first-ever spot Bitcoin ETF in the United States.
At the time of publication, Bitstamp is trading bitcoin for $30,115. The future of Bitcoin is bright thanks to upbeat market analysts like Bollinger and Dave the Wave and growing institutional interest in Bitcoin ETFs.
Events in the upcoming months will determine if these indicators lead to a long-term bullish pattern for Bitcoin.