Experienced analyst John Bollinger thinks that Bitcoin (BTC) could rise if it completes the double bottom formation.
Analyst, creator of Bollinger Bands, In his post dated May 24 he told investors to stay on hold.
Double bottom formation is about to be completed
Bollinger announced that he found Bitcoin rising from $ 30,000 to $ 42,000 last week, “logical” due to the importance of the $ 42,000 level.
Now, the analyst said that this level could be the mid-peak point of the double bottom formation. The first bottom fell to 30 thousand dollars and the second bottom was formed with the last night’s 31 thousand dollars. After the double bottom formation, the price is trending upwards.
Bitcoin has gained 12 percent in the last 24 hours and is trading at around $ 38,000 as of the time of translation broadcast.
Popular investor Crypto Ed also explained that the completion of a double bottom pattern is a possible scenario.
— Crypto_Ed_NL (@Crypto_Ed_NL) May 24, 2021