Godfrey Benjamin
John Bollinger sees Bitcoin price rising further as market sentiment turns bullish
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The recent uptrend in the price of Bitcoin (BTC) has put it in the sights of many market experts who believe that this could be the start of something big. One of the experts who have commented on the ongoing uptrends is legendary Bitcoin trader John Bollinger. He used his official X account to share a chart of BTCUSD, noting that the leading cryptocurrency is lagging behind the upper ends of the Bollinger Bands (BB).
John Bollinger claimed that the rise towards the top of the Bollinger Bands could continue for a while. However, he expects a divergence to occur much later, highlighting that Bitcoin's price may undergo a negative correction after the current euphoria ends.
Bitcoin is currently changing hands for $47,213.46, down 0.77% in the last 24 hours. Overall, the coin has performed positively year to date (YTD), increasing by more than 11%. The main target for Bitcoin now depends on its highest price level for this year, which is $48,969.37.
Many internal and external factors continue to impact the price of the coin, and the resilience shown so far suggests that further upside is on the way.
Bitcoin price expectations
In the last few months, experts like John Bollinger have always had optimistic price expectations for the coin. There have also been plenty of bullish price targets issued, with Samson Mow, the CEO of investment vehicle Jan3, predicting a rise to $1 million.
The thesis behind this massive prediction is based on two key events in the ecosystem – the spot Bitcoin ETF products and the next Bitcoin halving. These two events are expected to increase the attractiveness of BTC through intensive accumulation and smaller issuance of block rewards to miners.
Given these fundamentals, there is a looming supply shortage that, combined with higher demand, will drive the asset's price to unimaginable heights.
About the author
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for cryptocurrencies was born when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. Due to his extensive experience in various aspects of Web3, Godfrey's articles have been published on Blockchain.news, Cryptonews and Coingape, among others.
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