Bitcoin Nears All-Time High as Bollinger Predicts 3% Breakout

John Bollinger, a prominent figure in technical analysis, has recently shared his insights on Bitcoin's potential for an upward breakout. According to Bollinger, the market is on the verge of a significant threshold, with bulls gaining the upper hand. Bitcoin recently closed at $109,233, nearing its all-time high, with only a 3% gap remaining to the record.

Bollinger's analysis is based on the contraction of Bollinger Bands and the emergence of a "W" pattern. This pattern is often seen as a confirmation of trend reversal when Bitcoin's price rebounds from the lower band to surpass the upper band. Bollinger anticipates a surge in volatility following the band contraction, suggesting that a price rise is imminent. Currently, Bitcoin appears to be in search of momentum, heavily dependent on breaking through technical constraints.

Bollinger emphasized that the signal is presently applicable in the spot market. While he did not specify any price levels, he highlighted the nearing of a breakout threshold. The recent closing at $109,233 supports a positive momentum outlook.

Bollinger's recent predictions have been remarkably accurate. On April 7, when Bitcoin fell to $74,434, he identified a classic W bottom, recommending a buying opportunity on April 10. Following his projection, the price climbed by 30% within four weeks. Similarly, on February 28, at the $78,197 bottom, he made a comparable call, resulting in a 21% rally in just three days. This string of successful predictions strengthens the anticipation that Bollinger’s current analysis may also materialize. Although infallibility is not a certainty, the consistency of his projections has brought attention to his latest prediction within the market. While the veteran analyst foresees a new upward movement, particularly short-term investors remain on standby.