Legendary Trader John Bollinger Drops Crucial Bitcoin Price Update

Bitcoin has officially completed a well-known technical setup that could shape its next major move - and it is catching the attention of seasoned traders, especially after market legend John Bollinger highlighted it in his latest chart update.

The pattern in play is a combination of a "W" bottom followed by what is known as "Three Pushes to a High." It is a pretty standard technical analysis structure, and it often appears near the end of strong trends. The Bitcoin price formed a rounded bottom between March and April, then climbed in three distinct waves, reaching just above $110,000 before losing momentum.

Bollinger first pointed out the W setup back in April, and on June 12 he shared a chart with notes on it. This chart showed that the third push has now failed, which is a small but important change that could be a turning point.

While the pattern does not guarantee a reversal, it usually means the previous trend is losing steam and a new phase – either a sideways consolidation or correction – is likely.

Price action is currently sitting just below the middle Bollinger Band, which is a key area to keep an eye on. If Bitcoin can hold this level, it might just drift sideways and regroup. If it dips below that, it could lead to a bigger pullback toward the lower band around $94,000.

But if there is a big bounce with more volume, it might show that the trend is not cooling off after all.

This is less about calling a top and more about acknowledging that the rally's structure has shifted. The market's next move is going to set the tone for the rest of the quarter, and right now, everyone's watching to see if buyers still have the energy to push prices up.