Renowned Trader John Bollinger’s Latest Take on Bitcoin
John Bollinger, the creator of Bollinger Bands, recently shared insights on Bitcoin's current trajectory, suggesting a potential shift from the prevailing "sell on the news" trend following SEC approval of spot Bitcoin ETFs.
This perspective aligns with a crucial moment for Bitcoin, navigating uncertainties tied to regulatory changes and market volatility. Bollinger’s observation hints at a reevaluation of the effectiveness of the “sell the news” strategy in the current Bitcoin market.
Bollinger, a seasoned trader, didn’t provide detailed reasons for this prediction, but his positive outlook on Bitcoin contrasts with prevailing skepticism. His communication underscores the importance of strategic analysis in navigating the cryptocurrency market.
Bitcoin, with a market cap as the leading cryptocurrency, has seen a robust recovery from $25,000 in mid-September to a high of $49,000 in four months. Despite expectations for increased momentum post the spot Bitcoin ETF launch, sustaining levels above $48,000 proved challenging.
READ MORE: Bitcoin Recovery: Analyst Indicates Possible Bottom Reached
Trader Peter Brandt suggested that a surge in public interest often signals a selling opportunity for seasoned traders. According to him, the approval of Bitcoin ETFs may lead to a ‘buy the rumor, sell the news’ scenario, marking a pivotal shift in the crypto market. And although billions of dollars were invested in these new instruments, there was a price slump, which took BTC down to around $38,000.
At the time of writing Bitcoin is trading at $42,300 after a 3.9% weekly increase.
Amid the spotlight on spot BTC ETF approval, attention turns to another significant event later in the year – the Bitcoin halving.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
