Bitcoin returns to bull market? Inventor of Bollinger Bands: The next key target is around $50,000

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While the investment market is waiting for the Federal Reserve (Fed) Federal Open Market Committee (FOMC) to announce the results of its decision-making meeting, Bitcoin (BTC) took the lead in the market on Tuesday (15 ) reached the $40,000 mark again after a long absence of nearly 3 weeks. In this regard, Bollinger John, the inventor of Bollinger Bands, sent out an optimistic signal yesterday, pointing out that the next key level of Bitcoin will be around $50,000.
Bitcoin returns to bull market? Inventor of Bollinger Bands: The next key target is around $50,000

Legendary trader Bao Ningjie said on Twitter on Tuesday that judging from the daily chart of Bitcoin, the current bottom has been formed. It can be seen that the price is trying to move higher, and the first upward target is the bottom of the previous price range. It falls around US$48,000-50,000.

Since the crash on May 19, Bitcoin has continued to hover in the range of $31,000-39,000, and it is difficult to break through the resistance of $40,000. However, according to a survey by Goldman Sachs, the institutional interest that drove this bull market has not completely dissipated. Instead, they believe that this price level is a good entry point.

After ruling out market rumors that Tesla would liquidate its Bitcoin holdings, Bitcoin on Tuesday was affected by Tesla founder Elon Musk’s confidence speech and MicroStrategy’s plan to raise US$1 billion to increase its investment. It broke through the $40,000 mark, which has not been seen in nearly three weeks.

According to CoinMarketCap data, Bitcoin has risen more than 23.14% in the past seven days, rising from a low of $31,000 to around $41,000, the highest level since May 21. As of writing, Bitcoin was trading at $40,023.68, down 0.21% in the past 24 hours.

next critical level

In response, Bao Ningjie, a well-known analyst who proposed the concept of Bollinger Bands, responded to netizens on Twitter on Tuesday and pointed out that Bitcoin’s next target will be at the bottom of the previous price range, which is around US$48,000-50,000.