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Bitcoin Hits a ‘Classic’ Floor? John Bollinger Weighs In on BTC’s Future!

BBG News

Ah, Bitcoin (BTC), that capricious darling of the digital realm, is currently cavorting around the $80,000 territory, evoking memories of a familiar “bottom” performance, as one of its most illustrious fortune-tellers might say.

In a whimsical post on X dated April 10, one John Bollinger—creator of those handy volatility bands—spilled the beans that there might just be a silver lining for the beleaguered Bitcoin bulls. 🎉

Ah, the Enigmatic %b: A Wink from the Depths of Bollinger’s Labyrinth

The latest whispers of the Bollinger bands suggest that our dear Bitcoin might be crafting a bottom that even your grandmother’s knitting skills would admire. Wouldn’t that be delightful?

Sifting through the weekly sandcastles of data, Mr. Bollinger himself drew our gaze towards his treasured %b indicator, a veritable oracle that offers tantalizing hints regarding market reversals. Sounds almost mystical, doesn’t it?

%b elegantly measures an asset’s closing price in relation to its Bollinger band position, while employing the elusive standard deviation around a 20-period simple moving average (SMA)—because why not throw in a bit of mathematical melodrama, right?

Among its treasure trove of secrets is the “W” bottom formation, a lovely dance where a lower low dips below zero only to curate a polite retest of higher lows later—a Waltz that may very well be unfolding for Bitcoin/USD as we prance through these market dynamics.

Bollinger took to X, with a flourish, to bless his followers with this nugget:

“Classic Bollinger Band W bottom setting up in $BTCUSD. Still needs confirmation.”

On both weekly and daily stages of this financial theater, the Bollinger bands unveil that, alas, no grand trend decision has yet emerged to sweep us off our feet.

Data harvested from CryptoMoon Markets Pro and TradingView indicates that the daily performance continues to shuffle down the lower band, with the middle SMA donning the role of a formidable resistance—truly, the drama unfolds!

Now, let us weave in the world of stocks, with which BTC/USD has begun to waltz in a rather intimate fashion. Jurrien Timmer—a dapper director of global macro at Fidelity—shares views that echo this sentimental odyssey.

“Revisiting the Bollinger Bands, we have gone from 2 standard deviations above trend to on-trend to now almost 2 standard deviations below trend,” he noted about the S&P 500 on April 9. Truly, a rollercoaster to rival any amusement park ride! 🎢

“Again, oversold but not at a historic extreme.”

Will Bitcoin Bounce After a -10% Plunge from the Nasdaq?!

As our beloved CryptoMoon continues to report, BTC’s bottom aspirations are increasingly gravitating towards a tantalizing $70,000 mark—perhaps it’s the gravitational pull of a psychological crater? Could be! 🧠💸

This level bears significance—like a celebrity spotting—as it stands both as a psychological barrier and a liquidity magnet, with many flocking together in hopes of a miracle.

Network economist Timothy Peterson—who previously employed his Lowest Price Forward metric that offered a cozy 95% chance of $69,000 keeping its dignity—now ventures that Bitcoin might find its footing only after stocks pick themselves up from their own fall.

“Bitcoin led NASDAQ on this decline. As the asset perceived to loom atop the risk pyramid, I would expect NASDAQ to rally first, and only then will Bitcoin regale us with its own rebound. Just a little nugget to chew on,” he divulged this week, maybe over some celebratory confetti.

“But I think NASDAQ has another -10% to fall.”

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2025-04-11 13:14

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