U.Today – John Bollinger, trading expert and inventor of Bollinger Bands, has been praised for his price prediction from over two months ago. In June, after reviewing the chart of the first cryptocurrency with his own technical indicator, Bollinger said that Bitcoin would likely continue to rise. At that time, the price of BTC was $60,940.
Fast forward two months and we get BTC at $59,480. Its position relative to the Bollinger Bands continues to pull the cryptocurrency towards the lower of the two values. Looking at the trends of the past two months, one can actually see that the former has been trading mostly sideways.
Yes, there were huge liquidations and drawdowns, as well as gains of over 10% during the week. However, the price didn’t really go anywhere in the end.
In fact, it even incurred losses, reducing all the actions of bullish players in the market at the time to zero.
What’s next?
If we base our predictions for the future of bitcoin on the same Bollinger bands again, it is worth noting that the upper band is currently just above the price of $ 64,000, and the lower one is at $ 56,290. Bitcoin itself is below the dividing line, which can be seen as the fact that the price of the main cryptocurrency has a greater tendency to fall towards the lower boundary than to rise.
The market is waiting for the weekly, monthly, and quarterly candles to close simultaneously. All of this will happen on Sunday, September 1. Where Bitcoin ends up on that day – above or below that line – will largely determine the future direction of its price.
