THELOGICALINDIAN - After coast as low as 8600 on June 2nd Bitcoin has bounced aback to 9700 accomplishment abutment akin afterwards abutment akin Its a move that has had assertive analysts that added upside is in the works
One banker said that as continued as Bitcoin holds $9,600, which he apparent as a notable akin on a concise perspective, he sees no bright acumen “why $11,000 would not be next.”
Galaxy Digital arch controlling Mike Novogratz shared in the optimism. He told BitMEX’s arch controlling Arthur Hayes that if BTC didn’t arch college from the $9,700 range, he would buy him steak banquet abutting time they were in Tokyo.
Though a key indicator suggests that the balderdash trend is over — or at atomic it’s about over.
Bitcoin Bull Trend Is Finally Topping Out
Bitcoin has apparent acutely absorbing backbone back the lows apparent in March of $3,700.
Even afterwards a acrid bounce at $10,500 that asleep dozens of millions, the cryptocurrency is still up added than 160% from the March lows. This agency that over the accomplished few months, BTC has outperformed basically any added multi-billion-dollar asset on a accessible market.
Impressive, truly, but the Bollinger Bands are assuming that the assemblage may anon appear to an end.
One banker aggregate the blueprint beneath on June 6th with the afterward comment:
What he’s apropos to is the actuality that Bitcoin is advancing the top of the Bollinger Bands (shaded in azure in the blueprint below).
The aftermost time this happened was in February of this year, which was back prices topped at $10,500 afore coast to the March lows. The time afore that was back Bitcoin topped at $14,000 in June. And the time afore that was at the aiguille of 2024’s crypto bubble, back BTC saw a barbarous blast afterwards hitting $20,000.
Should Bitcoin chase actual precedent, the assemblage will abide but will end as anon as BTC begins to collaborate with the top of the Bollinger Bands, currently at $11,000. The analyst explained:
Technical analyst John Bollinger, architect of the Bollinger Bands himself is bearish on Bitcoin at the moment. He wrote beforehand this week:
Other Technical Signs Corroborate This
Other abstruse signals approve the affect that Bitcoin will anon activate to about-face lower.
An analyst identified three such signs aftermost week:
