John Bollinger, a legendary trader, has predicted that the ongoing Bitcoin price consolidation would not clear anytime soon.
The week is nearly concluded, and the price of Bitcoin (BTC) may not meet the expectations of numerous investors. In the past 24 hours, the coin has maintained its consolidation movements, reaching a low of $60,612.59.
Bitcoin price consolidation is expected to persist
The price of Bitcoin may be far from breaking out, according to John Bollinger, the creator of the Bollinger Bands indicator. He is renowned for his ability to monitor the performance of Bitcoin over time. This time, the seasoned trader stated that Bitcoin had not experienced a recovery following the two-bar reversal at the lower Bollinger Band. According to his assessment, he anticipates additional consolidation in the future.
This projection is plausible, as evidenced by the recent performance of Bitcoin’s price. The price of Bitcoin (BTC) is currently $60,726.66, representing a 1.78% decrease from the previous day. This month continues to be one of the most turbulent for Bitcoin this year.
The coin has experienced a 10.1% decline in value month-to-date (MTD), as data from Cryptorank indicates. Except for April, when it experienced a drop of more than 14%, the digital currency has consistently concluded positive each month since January. The probability of Bitcoin’s escape above the critical resistance level of $62,000 this month is low due to John Bollinger’s disposition.
Although Bollinger Bands do not accurately predict the trend reversal timeline, they offer additional insights. The current overselling of Bitcoin illustrates this.
The current Bitcoin ETF market primarily drives this selloff. Retail market drawdown was inevitable because the outflows of various ETF issuers occurred at separate times.
Recovery Necessitates an Unusual Catalyst
The broader digital currency ecosystem continues to be significantly influenced by Bitcoin. Nevertheless, the stagnant price action of the top coin is causing a significant number of altcoins to decouple from it.
Toncoin (TON) is a digital currency in this spectrum. In addition to this brief period of consolidation, Toncoin has experienced a growth rate of over 18% this month. An important distinction between Bitcoin and Toncoin is the rapidly expanding gaming niche on The Open Network.
An aggressive catalyst is necessary for the Bitcoin price to recover and break out. This could occur when the Securities and Exchange Commission (SEC) authorizes the trading of spot Ethereum ETFs.
