Technical analyst John Bollinger says that the price of Bitcoin is trying to rise. He noted that the first real target is the underside of the former. This means that the range is from $48,000 to $50,000.
This was in response to a tweet from BigCheds on Twitter that posted a candlestick chart showing Bitcoin’s progress.
The account tagged John in a follow tweet and later responded that Bitcoin would rise to the $50K range.
At the end of the tweet, he said “Play it as is”.
Related reading | Billionaire Tim Draper: Bitcoin Will Reach $250,000 By The End Of 2022
Created by John Bollinger Bollinger Bands. A technical indicator widely used across the industry. The tool uses a set of trend lines by plotting two standard deviations, positive and negative, away from the simple moving average (SMA) of a security’s price. While the tool works great with its standard settings, it can also be calibrated according to user preferences.
“The bottom is in place, prices are trying to go higher, the first real target is the bottom side of the previous range, we call it 48K to 50K.”
– Tweet from John Bolinger from his @Twitterbands account.
Bitcoin price naming is never an exact science. Forecasts are mostly just informed opinions and guesses by analysts. They do this by analyzing past prices and movements of an asset over a period of time to try to gauge where the asset will go next.
When a reply to the tweet said that they were having a hard time getting bullish on Bitcoin when it had not yet broken the $43,000 range, John Bollinger replied, “The market will let us know what to do, the rest is just an opinion.”
Bitcoin price crash
Bitcoin price collapses in response to Chinese government الحكومة cracking On mining cryptocurrency in the country. With the closure of mining facilities in Xinjiang, Inner Mongolia and Qinghai provinces.
Bitcoin price surged after the Tesla announcement in February | Source: BTCUSD on TradingView.com
Bitcoin appears to be on its way to a correction since then but not without some bumps along the way.
Elon Musk’s Tesla Comments
Elon Musk has announced that Tesla will stop accepting bitcoin payments for cars in May due to environmental concerns related to mining.
As expected, the market reaction to this announcement was not as positive as إيجابي Currency Take a contraction period. There was an immediate sell-off of coins in reaction to this news, which sent the price down, albeit not by a large margin.
Tesla’s announcement that they were accepting Bitcoin for cars back in February gave the market a boost. Pay Currency In the $40,000 range. An uptrend that will continue until Bitcoin reaches all-time highs.
So it is not surprising that the announcement that they will not accept Bitcoin payments has the opposite effect on Currency.
Related reading | MicroStrategy sells $500 million in notes to buy Bitcoin
The electric car maker has said it will resume Bitcoin payments when mining operations transition to more sustainable energy.
Bitcoin adoption could help bring back $50k
Last week, the cryptocurrency space was buzzing with news from El Salvador admissions Bitcoin as a legal currency. The country has recorded a massive increase in the volume of Bitcoin transfers from citizens abroad who send money home to loved ones.
Subsequently, other South American countries such as the Bahamas said they are considering making bitcoin legal tender.
The President of Tanzania also called for the start of the central bank Developments for Cryptographic Adoption.
Market confidence is returning to the upside as institutional investors continue to buy bitcoin.
The culmination of these events led to higher prices but not as much Currency He is still struggling to break $41,000.
Featured image from Blockchain News, chart from TradingView.com