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Top Analyst Cautions of BTC Pullback Ahead – Crypto News

Published

2 years ago

May 22, 2024

Dripp

In a riveting turn of events, amid Bitcoin’s recent upside momentum, a renowned crypto market analyst has taken to X, cautioning against a pullback in BTC price looming ahead. John Bollinger, a well-known analyst and the inventor of the technical analysis tool Bollinger Bands, has made a bold remark, proclaiming that a pullback in BTC’s price lies ahead, attributing it to a bearish pattern on Bollinger Bands tool.

John Bollinger’s statement has promptly gained significant traction across the crypto market, coinciding with a decline in BTC’s price over the past 24 hours. Let’s delve deeper into the analyst’s insights and BTC’s current price movements.

John Bollinger Says Pullback Not Long-Term

In Bollinger’s post on X, the analyst stresses the formation of a two-bar reversal at the upper Bollinger Band in the BTC/USD chart.

For context, the Bollinger Bands are a widely used technical analysis tool. They consist of a middle band and two outer bands. Bollinger has pointed out a bearish pattern forming on the upper band, suggesting a potential price consolidation or pullback.

However, the analyst added, “Not bearish here, just short-term concerned,” hinting that the pullback or sideways trading might be short-lived. As a whole, Bollinger’s remarks on BTC’s price movements have projected a ray of optimism on the token’s price movements in the long run.

A consolidation in BTC’s price trajectory would mean trading within a tight range moving ahead. On the other hand, a pullback in prices often results in an approximately 5% dip. Notably, it’s worth noting that, in tandem with the analyst’s remarks on BTC’s price movements, the token’s price action actually waned.

Also Read: Bitcoin Price To Face Potential Correction If It Hits This Level

BTC’s Price Slips

As of writing, Bitcoin’s price chart illustrated a fall of 1.75% in the past 24 hours and is currently trading at $69,645. It’s 24-hour lows and highs are $69,191.12 and $70,876.14, respectively.

Coinglass data spotlighted a fall of 2.17% in BTC’s Futures and Options OI to $34.89 billion, further followed by a derivatives volume plunge of 42.19% to $56.42 billion. This data, aligning with the slip in BTC’s price, underscored a reduced market appeal among investors for Bitcoin, potentially leading to further volatility.

However, the RSI hovered at 61, signaling that the broader technicals paint an optimistic scenario for BTC. This could further align with the analyst’s remarks, which claim a pullback is only for the short term, with long-term prospects being bullish post-halving.

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