U.Today

John Bollinger, a trading expert and inventor of the Bollinger Bands, has gained recognition for his Bitcoin price prediction from over two months ago. In June, after analyzing the Bitcoin chart using his technical indicator, Bollinger suggested that Bitcoin would likely continue to rise. At that time, the price per BTC was $60,940.

Fast forward two months, and the price of BTC has shifted to $59,480. Its position relative to the Bollinger Bands continues to pull the cryptocurrency toward the lower boundary. Analyzing the trends over the past two months reveals that Bitcoin mostly traded sideways.

Despite significant liquidations and fluctuations, with gains exceeding 10% within a week, the overall price movement has been minimal. Essentially, it has negated all bullish market activity during this period.

What’s Next?

Looking ahead, using the Bollinger Bands for future Bitcoin predictions shows the upper band just above $64,000 and the lower band at $56,290. Currently, Bitcoin is situated below the dividing line, suggesting a higher likelihood of falling further rather than rising.

The market anticipates the simultaneous closing of the weekly, monthly, and quarterly candlesticks on Sunday, Sept. 1. Where Bitcoin stands on that day—above or below the line—will significantly influence its future price direction.

This article was originally published on U.Today