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Legendary Trader John Bollinger Teases Bitcoin Trend to Watch

source-logo  u.today 10 February 2024 15:04, UTC

The recent bullish surge in the price of Bitcoin (BTC) has placed it on the radar of many market experts who believe this might be the start of something big. One of the experts who have weighed in on the ongoing bullish trends is legendary Bitcoin trader John Bollinger. He took to his official X account to share a chart of BTCUSD, noting that the premier crypto is trailing the upper ends of the Bollinger Bands (BB).

John Bollinger maintained that the surge toward the upper end of the Bollinger Bands might be sustained for a while. He, however, foresees a divergence much later, underscoring how the price of Bitcoin might negatively correct after the current euphoria ends.

Bitcoin is currently changing hands for $47,213.46, down by 0.77% in the past 24 hours. Overall, the coin has maintained a positive showing in the year-to-date (YTD) period during which it has jumped by more than 11%. The primary target for Bitcoin now hinges on its highest price level for this year pegged at $48,969.37.

$BTCUSD The expectation should now be for a walk up the upper band until a divergence is detected. https://t.co/xlWkqF6ryG

— John Bollinger (@bbands) February 9, 2024

Many internal and external factors keep acting on the price of the coin, and the resilience it has shown thus far implies more uptrend might be ahead.

Bitcoin price expectations

Over the past few months, experts like John Bollinger have always maintained an optimistic price expectation for the coin. Many bullish price targets have also been issued with Samson Mow, the CEO of the Jan3 investment vehicle, projecting a ride to $1 million.

The thesis behind this massive forecast rests on two key events in the ecosystem — the spot Bitcoin ETF products and the next Bitcoin halving. These two events are poised to boost the attractiveness of BTC through intense accumulation and reduced emissions of block rewards to miners.

With these fundamentals, a supply crunch is imminent, which, when merged with higher demands, will push the price of the asset to unimaginable heights.