{"id":307394,"date":"2024-05-22T19:52:50","date_gmt":"2024-05-22T14:22:50","guid":{"rendered":"https:\/\/dripp.zone\/news\/top-analyst-cautions-of-btc-pullback-ahead-crypto-news\/"},"modified":"2024-05-22T19:55:32","modified_gmt":"2024-05-22T14:25:32","slug":"top-analyst-cautions-of-btc-pullback-ahead-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/top-analyst-cautions-of-btc-pullback-ahead-crypto-news\/","title":{"rendered":"Top Analyst Cautions of BTC Pullback Ahead – Crypto News"},"content":{"rendered":"

<\/p>\n

\n

In a riveting turn of events, amid Bitcoin\u2019s 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\u2019s price lies ahead, attributing it to a bearish pattern on Bollinger Bands tool.<\/p>\n

John Bollinger\u2019s statement has promptly gained significant traction across the crypto<\/a> market, coinciding with a decline in BTC\u2019s price over the past 24 hours. Let\u2019s delve deeper into the analyst\u2019s insights and BTC\u2019s current price movements.<\/p>\n

<\/p>\n

John Bollinger Says Pullback Not Long-Term<\/h2>\n

In Bollinger\u2019s post on X, the analyst stresses the formation of a two-bar reversal at the upper Bollinger Band in the BTC\/USD chart.<\/p>\n

For context, the Bollinger Bands are a widely used technical analysis tool. They consist of a middle band and two\u00a0outer\u00a0bands. Bollinger has pointed out a bearish pattern forming on the upper band, suggesting a potential price consolidation or pullback.<\/p>\n

However, the analyst added, \u201cNot bearish here, just short-term concerned,\u201d hinting that the pullback or sideways trading might be short-lived. As a whole, Bollinger\u2019s remarks on BTC\u2019s price movements have projected a ray of optimism on the token\u2019s price movements in the long run.<\/p>\n

<\/p>\n

<\/p>\n

A consolidation in BTC\u2019s 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\u2019s worth noting that, in tandem with the analyst\u2019s remarks on BTC\u2019s price movements, the token\u2019s price action actually waned.<\/p>\n

Also Read: Bitcoin Price To Face Potential Correction If It Hits This Level<\/a><\/strong><\/p>\n

BTC\u2019s Price Slips<\/h2>\n

As of writing, Bitcoin\u2019s price<\/a> chart illustrated a fall of 1.75% in the past 24 hours and is currently trading at $69,645. It\u2019s 24-hour lows and highs are $69,191.12 and $70,876.14, respectively.<\/p>\n

<\/p>\n

Coinglass data spotlighted a fall of 2.17% in BTC\u2019s 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\u2019s price, underscored a reduced market appeal among investors for Bitcoin, potentially leading to further volatility.<\/p>\n

However, the RSI<\/a> hovered at 61, signaling that the broader technicals paint an optimistic scenario for BTC. This could further align with the analyst\u2019s remarks, which claim a pullback is only for the short term, with long-term prospects being bullish post-halving.<\/p>\n

Also Read: Joe Lubin Teases Plan To Take ConsenSys Mainstream, What\u2019s Next?<\/a><\/strong><\/p>\n

<\/p>\n

<\/p>\n

\n
\n

\u2713 Share:<\/p>\n

<\/a><\/p>\n

\n
\n \"coingape\"
\n<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

<\/p>\n

\n
\n
\n
\n
\n<\/p>\n

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article. <\/p>\n<\/p><\/div>\n

\n \"\"