John Bollinger Sees Bullish Setup: Is Bitcoin on the Brink of a Rise?

Bitcoin and the resistance at $65,000

Just about every analyst has now called for Bitcoin to break past the major resistance at $65,000 to remain bullish. If everyone says that, the market will of course believe in it.

For the time being, it has not yet been possible to shoot past the price of 65,000 dollars. Also according to John Bollinger, Bitcoin must break the diagonal resistance at $65,000 to confirm a breakout pattern.

“There is a nice W pattern here on Bitcoin’s weekly chart. I drew a regression channel to visualize the flag that is forming. This is a bullish setup. We are waiting for confirmation,” Bollinger said.

Based on the chart, Bollinger appears to indicate that the bears’ last line of defense is at $73,000. So around the all-time high. If Bitcoin manages to break through that price, then the party can really begin.

John Bollinger is not alone

By the way, John Bollinger is not the only one currently looking at $65,000 as a potential turning point for Bitcoin. Pseudonymous analyst Altcoin Sherpa says Bitcoin will break its bearish market structure if the digital coin can rise above that price.

“Bitcoin is at a turning point. If we break $65,000, Bitcoin will have one higher high which breaks the market structure on the daily chart. The exponential moving averages (EMAs) on the daily chart also look strong,” said Altcoin Sherpa about the market.

Fellow analyst Josh Rager also sees a bull flag for Bitcoin and identifies the $65,000 mark as the area where the trend could change.

Rager does indicate that he wants to see higher prices before he dares to enter risk-on mode. Or he just waits and sees how everything plays out. “I think patience will be important in the coming weeks,” Rager said.