Bitcoin Setting Up for Breakout

Legendary technical analyst John Bollinger has opined that Bitcoin is setting up for “an upside breakout.”

The 75-year-old trader, who is known for developing the “Bollinger Bands” technical indicator, is particularly known for his extremely successful predictions, which is why he is considered to be such an authoritative voice within the community.

In April, for instance, he managed to nail the exact bottom. On Apr. 7, the leading cryptocurrency collapsed to $74,434. On Apr. 10, Bollinger said that the cryptocurrency was forming a classic Bollinger Band W bottom, which is a bullish reversal pattern.

The leading cryptocurrency ended up rallying by 30% within less than a month since Bollinger’s post, paring all of the losses that it suffered during the tariff-induced mayhem.

The same scenario played out in late February. On Feb. 28, the cryptocurrency slipped to a local low of $78,197 on the Bitstamp exchange. While the market was in panic mode, Bollinger spotted a long opportunity. Bitcoin ended up surging by 21% in just three days.

Even though there is no guarantee that Bollinger ends up being correct this time around, his posts are something worth paying attention to.

In the meantime, the leading cryptocurrency has now scored its highest close ever ($109,233), with bulls seemingly remaining firmly in control.

At press time, Bitcoin is less than 3% away from setting a new record high.