Bitcoin Forum

Eminent trader John Bollinger, who rose to prominence after inventing the Bollinger Bands indicator, has taken note of Bitcoin’s recent short squeeze that catapulted the largest cryptocurrency to its highest level since Sept. 22.

https://i.imgur.com/7wUrkUY.png

Now that Bitcoin has exceeded Bollinger’s first target, he expects the top coin to spike to the upper band, which is located just below the $50,000 level.
As reported by U.Today, turned bullish on Bitcoin the day after traders sold the El Salvador news.   
Earlier today, the benchmark cryptocurrency revisited the $48,000 level, paring all losses that were caused by the double-whammy of the Evergrande crisis and China’s stepped-up cryptocurrency crackdown.
Real Vision co-founder Raoul Pal recently described the Bitcoin chart as “luscious,” predicting that a “very, very powerful” upside move could be on the cards: 

https://i.imgur.com/XdpSWNC.png


Source: https://u.today/sec-wants-ripple-to-provide-recordings-of-discussions-related-to-current-legal-disputes

You inserted the wrong sourcelink
https://u.today/veteran-trader-john-bollinger-is-targeting-50k-after-recent-bitcoin-price-spike

Didn’t realize this is a week old thread. Reading the title made it seem like Bollinger is short and targeting the $50K area but look at the chart you posted it was at around $47K. So his trade would of worked out but you would of missed out on tons of profit since it went up another 10%.

This is why I don’t pay attention to any of these analysis. That guy from Big Short told everyone when BTC was at $28K that it was going to break and go down and instead the complete opposite happened. People followed him and probably lost money going short or too profits too early. This is why you shouldn’t listen to any of these people.

So Raoul Pal has taken the win on this one, predicting that the current price will make more upside moves and almost reach $58k depending on the exchange you are in. With the current trend now, it's highly likely to get the ATH within this year. Or is it better to have this "short" idea when running the "top"? Do you think that can be one of the reasons to focus on charting and waiting for the right moment?

For those interested: It's great to see some of the tweets from the creator of BB. Exciting insights on trading.

https://twitter.com/bbands

Am I the only one thinking that BTC’s run up is starting to wane and will soon go flat for a couple of weeks, letting alts have the oppotunity to gain lost ground?  The money in these things always move from top to bottom...

Edit:  Wups..  there it goes.  Back to 54k then sideways action from the looks of it.

We went as high as $56k-$57k, but now trading sideways around $54k-$55k.

I don't think it is losing some grounds on alts, the target still remains this October at $60k. I'm still looking at least the 3rd week to reach it, if not then certainly it won't happen the last week because of another bitcoin future expiration, billions worth of dollar so it will have a effect on the market price on the last week. But let's see, hopefully we can get to $60k and maybe we might see a FOMO again this round numbers.

The guy from the Big short is a fundamentals guy, he can be wrong for years just like the movie showed his fund nearly went broke even while he was perfectly correct in his housing call.   Its always like that, nobody who is paying attention should make a trading decision based off what Burry said.   He is calling for less speculation on assets like this I think, large parts of the market dont care about risk so much where as in previous years decades people were scared to hold anything but government debt.
   Really depends on your total outlook but alot of the big bears arent really traders and they arent allowed to indicate any trading advice anyway.

Bollinger really is a trader and people still want to criticize him.   Any chart he puts up or view of bullish or bearish, he could have changed his mind 24hr later because that is what a profitable trader must do or they will get trampled to death underneath the market herd as it flips back for whatever reason.

49313 is about 50% of the sept 29th low to oct 11th peak where it ran consistently upwards.   A pullback to 50k area seems reasonable to me and would still make BTC bullish

Thanks for the link I did not knew that he posted at Twitter and that he was interested in bitcoin as well, the Bollinger Bands are probably one of the best ways to measure the volatility of the market and see how it is behaving and how it could do so in the future, and while this may not seem like a big deal it is, after all as a trader you want to invest in the market when it is moving from a period of low volatility to a period of high volatility as that is when the most money can be made.

A sharp drop was expected. We cannot have a constantly increasing price at all times, eventually it will have corrections and falls. This is what we are having right now and I believe that we will keep having this for a long time as well. It will always be up and down, not up and up and up, so the drop wasn't something that I was shocked about.

However if Bollinger is checking crypto, that alone itself is a good news, it is a proof that most financial people are checking crypto very closely, some of them like it and some of them don't but they all check it. That should be what we are focusing here, because it means that crypto is making headlines even at the big table.

This was a bullish prediction by Bollinger on October 2 when it was tweeted - the price was around $48k on October 2.

Those reading it today might miss that as it's long out of date - things move pretty fast around here...

It's not about a dip at all - it's about the current rise and he was spot on as well!

Exactly!

Yeah, but I guess it's already invalidated as the price goes to $60k++.

But good for those who bought it when the price is still below $50k. Good profits already if you keep on holding till the price reaches that $60k. And I would suggest better to hold on it till we get a new all time high.

I agree that the market really moves very quick, we really have to take advantage of it's volatility and make money in a snap.