Legendary trader John Bollinger, known for creating the widely-used Bollinger Bands indicator, has made a crucial prediction regarding Bitcoin (BTC) Price, stirring up the cryptocurrency community. In a recent post on X, Bollinger remarked that the market might be done with the “sell on the news” trend that engulfed the market since spot Bitcoin ETF approvals were granted by the SEC.

John Bollinger Shows Optimism Over Bitcoin (BTC) Price

Bollinger’s comment comes at a significant juncture for Bitcoin as the cryptocurrency market grapples with uncertainty following regulatory crackdowns and market volatility. 

The phrase “sell the news” refers to a common trading strategy where investors sell their positions after a significant news event, anticipating a subsequent price decline. Bollinger’s remark implies that this strategy may not be as effective in the current Bitcoin market landscape.

OK, looks like we might be done with this “sell on the news” cr@p? $btcusd

— John Bollinger (@bbands) January 27, 2024

While Bollinger did not provide a detailed analysis or specific reasons behind this prediction in the post, his reputation as a seasoned trader lends weight to his statement. Meanwhile, Bollinger’s optimistic sentiment towards Bitcoin contrasts with the prevailing skepticism among some investors and analysts.

Notably, Bollinger’s post suggests that he sees through the short-term noise and maintains confidence in Bitcoin’s long-term prospects. Likewise, his hint at the next step to watch in Bitcoin’s price journey underscores the importance of vigilance and strategic analysis in navigating the cryptocurrency market. 

Key Trends in Price to Trends

Bitcoin, the largest cryptocurrency by market cap, has been under a strong recovery since mid-September when the price rebounded from $25,000. In just four months, the coin price recorded nearly 96% growth to hit a high of $49,000. While the recent launch of the Spot Bitcoin Exchange-Traded Fund (ETF) is expected to intensify the recovery trend, the asset struggled to stay above the $48,000 mark.

Veteran trader Peter Brandt recently shared some thought-provoking views on Bitcoin and its evolving market dynamics. Brandt, with his deep experience in stocks and futures, observes that a rush by the general public to buy into a market often signals a prime time for seasoned traders to sell off their holdings.

Brandt suggests that the potential approval of Bitcoin ETFs could turn into a quintessential ‘buy the rumor, sell the news’ scenario, reflecting a pivotal shift in the crypto market. Meanwhile, as of writing, the Bitcoin price surged 1.35% to $41,786.06, according to on-chain data. 

While the hype around spot BTC ETF approval is holding the attention of traders and investors, another significant milestone, the Bitcoin halving is awaiting later in the year. Also, Rich Dad Poor Dad author Robert Kiyosaki has called the attention of more than 2.4 million followers to the forthcoming halving event and its bullish impact on Bitcoin (BTC) price.

The post Bitcoin (BTC) Price: Legendary Trader John Bollinger Hints Next Step To Watch appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am