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28 March 2024
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Bitcoin

Veteran Trader John Bollinger Claims Bitcoin Is Forming Short-Term Double Bottom

Bitcoin might be finally bottoming, according to legendary trader John Bollinger.

Veteran trader John Bollinger claims that Bitcoin is working on a short-term double bottom in his latest tweet:

The developing risk/reward looks good. Stay tuned for a trade opportunity

Bollinger
Image by @bbands

On May 18, Bollinger called $43,000 “the logical level” for Bitcoin before the cryptocurrency collapsed all the way to $30,000.

As reported by U.Today, the prominent chartist also called a W-bottom in late January. Back then, bulls and bears were battling for the $30,000 level before Elon Musk started toying with Bitcoin tweets and Tesla announced its massive purchase on Feb. 8.

Another brutal sell-off

BTC
Image by tradingview.com

The whole market is in the middle of a brutal sell-off, with Bitcoin plunging by over 16 percent over the past 24 hours.

The largest cryptocurrency is now down 48 percent from its Apr. 14 high.

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