Two Bitcoin Myths Explained: Is a Parabolic Rising Coming?

The cryptocurrency market continues to consolidate with the recent sell-off. Leading crypto Bitcoin rose to $61,000 after hitting below $60,000. However, the rise remains limited and the selling pressure on BTC is increasing. However, legendary trader John Bollinger identified a valuable reversal pattern in BTC price. This pattern indicates a potential surge to higher levels for BTC. Elsewhere, an analyst known for his accurate Bitcoin assumptions says the current correction is healthy for BTC.

John Bollinger spotted a reverse reversal pattern on the Bitcoin chart!

cryptokoin.com As you can see from , there is a summer holiday atmosphere in the market. Some investors and traders prefer to wait on the sidelines for now. Even though Bitcoin price has managed to rise above the $60,000 level, it is testing the limits of crypto enthusiasts and traders. As the cryptocurrency continues to hover near a key reinforcement level. Following several days of major price movement that resulted in yesterday’s recovery and long-awaited greening of quotes, the crypto market has entered a quieter trading mode. This means that both bull and bear participants are taking a break to think about what to do next.

In this context, new views and discussions began to emerge. Legendary trader John Bollinger, creator of the well-known Bollinger Bands indicator, also participated in this discussion. When asked for his opinion on the developing trend on the Bitcoin price chart, Bollinger highlighted a two-bar reversal pattern in the lower Bollinger Band. The legendary trader believes that this pattern is occurring in a logical place and will result in a bounce that has the potential to at least test the highs once again.

In fact, in the Bitcoin price chart that Bollinger added to his claim, it is possible to see how clearly the BTC price has turned in the two-day candle near the lower band. If the trader’s prediction comes true, it is possible for BTC to reach the upper band around $ 72,000, at least in the short term. In fact, the ATH level that Bitcoin set earlier this spring is also close to this range.

“ Breaking the parabolic trend is good for the health of BTC!”

The analyst nicknamed Dave the Wave, known for making successful Bitcoin predictions in his time, says that Bitcoin falling below $ 60,000 invalidates BTC’s parabolic rise expectations. According to the analyst, Bitcoin’s price action indicates further consolidation on the horizon. On the other hand, this price action allows BTC to create a more adequate basis for a stronger rise later this year. In this context, the analyst makes the following statement:

There is a positive side to the BTC price not going parabolic. This means that it continues to develop in a relatively stable technical manner. There was consolidation and subsequent renewed strength as we entered the 4th quarter. A manic market at a later date will see higher prices than if it arrived earlier.

Source: Dave the Wave

The analyst recently predicted that Bitcoin could fall as low as $50,000 and likely find a foothold at the 0.382 Fibonacci retracement level. According to the analyst, a drop to $50,000 would put BTC back in the “buy zone” of the logarithmic growth curve (LGC) model. This aims to predict Bitcoin’s long-term cycle bottoms and tops while filtering out shorter-term volatility. The analyst emphasizes that the deep decline will position BTC “for renewed strength on the upside.”