Since its historical high of $64,500, Bitcoin may have lost 35%, but its current price is actually “logical”.
According to John Bollinger, a senior analyst and creator of Bollinger’s trading indicators.
Bollinger: The current price trend “can explain a lot”
“~43,000 is what we call the logical level of $BTCUSD. It is determined by the peak in January and the trough in March.” He explained.
“Reasonable price action can tell smart traders/analysts who are following a lot.”
Bollinger mentioned Bitcoin’s previous all-time high of around $42,000, which was also the level where it rebounded during another retracement in early March.
As Cointelegraph also reported on May 18, The focal level is the natural support line in the sand-it represents an average 35% correction from the high point, which Bitcoin has seen in its entire history.
Even more bearish voices cannot underestimate the importance of the $42,000 level. CNBC regular Carter Worth (Carter Worth) is one of them, he had predicted that a further decline in BTC/USD could bring the currency pair as low as $29,000.
No bear look here
At the same time, the Bollinger Bands indicator itself continues to accurately track BTC/USD. Its contraction band and expansion band successfully caused fluctuations in price fluctuations, including the fluctuations in the past week. Use a single standard deviation to fix the band near the 20-day simple moving average.
Bullinger himself has his Bitcoin price perspective moment.
In addition to traders’ concerns about China, which intensified the selling pressure, Bitcoin is generally in a resilient mood, and Many other indicators and analysts are the same Stay optimistic about the future.
Danny Scott, CEO of CoinCorner, said: “Bitcoin is on the right track as always. We may see an incredibly bullish month or second month. Add to On May 18, 2021 was compared with the previous bull market cycle.