Legendary trader Bollinger names Bitcoin upside price target

Legendary technical analyst John Bollinger believes Bitcoin (BTC) could also be on the verge of hitting six digits.

In a Monday submit on X (previously Twitter), the creator of the broadly used Bollinger Bands volatility indicator referred to the “nearly excellent base” for the BTC/USD pair.

In keeping with Bollinger, the asset is at the moment present process a “Bollinger Band Squeeze.” This is named a interval of low volatility that normally precedes a sudden sharp transfer.

This main cryptocurrency is at the moment displaying indicators of a breakout.

3 bullish targets

Bollinger outlined clear resistance ranges that Bitcoin bulls ought to give attention to now that the ball seems to be again within the courtroom.

The primary objective is $100,000 and the second objective is $107,000. In the meantime, Bollinger stated the third goal is unknown, presumably indicating that the key cryptocurrencies may problem new all-time highs.

Nonetheless, failure to keep up this momentum and convey Bitcoin again into six-digit territory may result in an much more extreme correction. “If we fail right here, we’ll be again within the trenches,” Bollinger warned.

Volatility plummets

The underside pane of the Bollinger chart shows a “BandWidth” indicator that measures volatility.

This line just lately fell to multi-month lows (marked as a “squeeze”). This means that the market has fallen into a really slender vary.

Prolonged intervals of low volatility are sometimes a precursor to greater volatility.

Bitcoin is at the moment breaking by the higher Bollinger Band (purple wavy line on the principle chart). On the similar time, the %B indicator within the center pane, which tracks value relative to the band, is surging above the 1.0 degree (marked as “breakout”). This definitely exhibits that there’s fairly robust bullish momentum.