Eminent trader John Bollinger, who rose to prominence after inventing the Bollinger Bands indicator, has taken note of Bitcoin’s recent short squeeze that catapulted the largest cryptocurrency to its highest level since Sept. 22.
Now that Bitcoin has exceeded Bollinger’s first goal, he expects the highest coin to spike to the upper band, which is situated just under the $50,000 level.
As reported, turned bullish on Bitcoin the day after traders sold the El Salvador news.
Earlier today, the benchmark cryptocurrency revisited the $48,000 level, paring all losses that had been brought on by the double-whammy of the Evergrande disaster and China’s stepped-up cryptocurrency crackdown.
Actual Imaginative and prescient co-founder Raoul Pal recently described the Bitcoin chart as “luscious,” predicting that a “very, very powerful” upside transfer might be on the cards:
Disclaimer: The opinion expressed here is not investment advice – it’s provided for informational purposes only. It doesn’t essentially reflect the opinion of Cmnnews. Each funding and all trading entails risk, so it’s best to always perform your personal analysis prior to making decisions. We don’t recommend investing money you can’t afford to lose.