Legendary market analyst, John Bollinger has shared a bullish forecast for Bitcoin (BTC) price, as he believes the coin is on track to break “higher” from the current level.
After a tumultuous week, Bitcoin price is experiencing a recovery, jumping 2.60% in the past 24 hours to $43,795.96 at press time. Bitcoin’s market capitalization has soared by an equal rate to $857,921,735,370 despite its trading volume flashing a 26.6% drop to $34,699,578,570.
The positive projection from John Bollinger makes Bitcoin price worth watching, especially as the industry enters a crucial phase in the Bitcoin spot ETF approval cycle.
John Bollinger Bitcoin Thesis
Known for his bullish stance on Bitcoin, John Bollinger used his technical indicator, the Bollinger Bands, to stress the likelihood of BTC soaring in the near term.
According an accompanying chart, Bitcoin’s price was pegged at 44,130 with a green candle emerging just after a relatively longer red one that showed the selloffs recorded yesterday.
With the Bollinger Bands indicator signaling a change in the trend, the likely emergence of another green candle may confirm the uptrend call from the legendary trader.
I think it breaks higher. $btchttps://t.co/vH9yoFa2Ut
— John Bollinger (@bbands) January 4, 2024
The Bollinger Bands contain two two the upper and lower bands which surround the middle band that represents a simple moving average. Notably, at its current price of $43,795, BTC trades above the lower band ($41,361) and the middle band $43,166.
However, the crypto asset remains below the upper band ($44,970), as the recent collapse has blocked a push toward a break. However, this configuration suggests that Bitcoin is witnessing a moderate upward momentum.
The setup indicates that the Bitcoin price is moving closer to the upper limit of the asset’s recent trading range. However, there are no extremes in sight. This pattern could signal a continuation of the upward trend.
While there are skeptics like Peter Schiff who believe Bitcoin will not make any significant headway in terms of growth post-Bitcoin ETF approval, the faith John Bollinger has in Bitcoin transcends the current hype in the ecosystem today.
As far back as September, John Bollinger had been forecasting an impending rally for Bitcoin, and while the coin has performed well from that time to date, Bollinger still sees more upside in the long term.
Bitcoin ETF and Halving Catalyst
Bitcoin has enough fundamentals to grow. Besides the high expectation that the United States Securities and Exchange Commission (SEC) will issue multiple approvals, the forthcoming Bitcoin halving event also serves as a major bullish catalyst to watch out for.
Scheduled for the second quarter of this year, the Bitcoin halving will trigger a 50% reduction in the reward paid to miners. This will slash the rewards from the current 6.25 BTC to 3.125 BTC, automatically fueling a supply crunch which if complemented with a high demand possibly through the ETF can drive a massive price surge.
With the outlook as described, many experts believe Bitcoin might see a massive rally with fund managers like SkyBridge Capital, Fundstrat, and Morgan Creek predicting a $150,000 price target for the coin.