Will Bitcoin Price Turn Down Again? – Famous Analyst Commented

John Bollinger, the creator of the Bollinger Bands (BBs) indicator, made statements about the price performance of Bitcoin for the first time since the collapse of March 12. He pointed out that Bitcoin (BTC), which is potentially at a new bottom, will decline if the US stock markets, which were seriously affected by the global outbreak, recover.

In a crisis all correlations tend towards one.

– John Bollinger (@bbands) March 27, 2020

The famous trader @QuadSemper stated on Twitter that the bottom time is generally long during such financial crises and therefore the downtrend in Bitcoin will continue. In addition, the trader said that a rising wedge appeared with decreasing volume on the daily chart, and this situation can be interpreted as a fall signal.

I bet we will see a new bottom. #BTC Has formed a rising wedge with declining volume indicating a bearish breakout.Much of my funds are in USDT waiting to buy lower.During financial crises the bottoming process does not stop at one bottom, but always creates more than onethe #Bitco pic.twitter.com/eug1c07avt

– Samu? (@QuodSemper) March 26, 2020

Bollinger Wrong

Bollinger also stated that Bitcoin will not experience any decline due to Covid-19 and the leading crypto asset will be preferred as a safe haven. 2 days after this tweet from Bollinger, Bitcoin experienced the biggest drop in one day. Let’s see if the predictions of the famous commentator will be realized this time.