John Bolinger, a technical analyst, claims that the price of Bitcoin tries to move up. He highlighted that the first real target is the bottom side. It means $48k to $50k range.
He created Bolinger Bands, a technical indicator that is used in the crypto industry. The tool uses a set of trend lines allotted into two standard deviations. While the tool works great with the standard settings, it could also be calibrated to the user’s preferences.
“Bottom in place, prices trying to move higher, first real target is the bottom side of the prior range, call it 48 to 50k.”
– Tweet from John Bolinger from his Twitter account @bbands.
Naming Bitcoin’s price is not science. Forecasts are mainly opinions and educated guesses by analysts. They do this by analyzing past prices and movements of an asset in a period of time to try and guess where the asset goes next.
A reply to the tweet stated that they were having a hard time being bullish on Bitcoin when it still hasn’t broken the $43k range. John Bolinger replied,
“The market will let us know what to do, the rest is just opinion.”
BTC Price Crash
Bitcoin’s price crashed after the Chinese government cracked down on crypto mining in their country.
The cryptocurrency seems to be on the way to correction since then. However, it could be successful without some bumps along the way.
Elon’s Tesla Comments
Elon Musk announced last month that Tesla will stop accepting payment in Bitcoin for cars because of environmental concerns about mining.
The market reaction to this announcement was not favorable because the coin dropped. There has been a prompt sell-off of coins because of this news, dragging the price further down.
The electric car manufacturer stated that they will resume Bitcoin payments when the mining operations change into more sustainable energy.
Bitcoin adoption might get it back to $50k
Last week, the news of El Salvador accepting Bitcoin as a legal tender sparked the crypto space. The country then recorded an exponential increase in the amount of Bitcoin remittances from the citizens that send money back home to their loved ones.
Aside from that, South American countries like the Bahamas stated that they were considering making Bitcoin a legal tender.
Also, Tanzania’s president called for the central bank to start the development of crypto adoption.
Faith in the market goes up as the institutional investors continue buying Bitcoin.
The conclusion of these events led to a price increase but not as much as the coin is still struggling to break the $41k.
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