Bitcoin Price to Skyrocket? BTC Eyes Massive Recovery, Says Bollinger Band Creator!

Bitcoin is showing signs of a market bottom near $80,000, according to the creator of the Bollinger Bands volatility indicator. John Bollinger, highly regarded as one of the best crypto analysts, has highlighted a potential Bitcoin rebound, which could very well be the Bitcoin news investors are waiting for. 

Bollinger Bands Suggest Market Recovery

In a post on the social media platform X on April 10, Bollinger highlighted a potential “W’ formation on the Bitcoin price chart. This formation has signalled trend reversals and high bullish momentum for Bitcoin in the past. Analyzing the prices on a weekly timeframe, he pointed to his own “%b” indicator. This indicator measures the asset’s closing price relative to its Bollinger Band position.

Classic Bollinger Band W bottom setting up in $BTCUSD. Sill needs confirmation.https://t.co/v1qfBbEoDV
Remember: The fraudsters are legion. I will never ask you for anything. #BollingerBands #btc

— John Bollinger (@bbands) April 10, 2025

“Classic Bollinger Band W bottom setting up in $BTCUSD. Still needs confirmation,” Bollinger stated. He further mentioned that with some validation from the price action, the trend reversal could be declared definitively. The “W” bottom formation occurs when a first low dips below zero and is followed by a higher low retest. This pattern is being replicated by Bitcoin. Despite this promising chart movement, data from TradingView shows the Bitcoin prices hovering near the lower band on the indicator. 

Complex Bitcoin-Stock Relation Leads to Interesting Prediction

Jurrien Timmer, director of Global Macro at Fidelity Investments, noted observations about the S&P 500, saying, “Revisiting the Bollinger Bands, we have gone from 2 standard deviations above-trend to on-trend to now almost 2 standard deviations below-trend.” Network economist Timothy Peterson added that the Bitcoin rebound might depend on stock market recovery. “Bitcoin led NASDAQ on this decline… I would expect NASDAQ to rally first, and then Bitcoin,” Peterson remarked. This suggests that the stock market could experience another slump before Bitcoin finds its bottom. 

Bitcoin led NASDAQ on this decline. As the asset perceived to be at the top of the risk pyramid, I would expect NASDAQ to rally first, and then Bitcoin. Just something to look for.

But I think NASDAQ has another -10% to fall. pic.twitter.com/K6CQnZV6y2

— Timothy Peterson (@nsquaredvalue) April 10, 2025

With Bitcoin consolidating around $80K as of the past few days, investors are in a state of confusion right now. With reports of a Bitcoin price bottoming at $70,000, investor sentiments remain divided. Given that, let’s take a quick peek at the latest Bitcoin price action and form a short-term prediction of our own. 

BTC Price Analysis: Bitcoin Slumps, But Makes Valiant Recovery

Bitcoin commenced trading at $82,500 yesterday. The downtrend that started late on the previous day continued, and Bitcoin slid along. At 4:35 UTC, Bitcoin had slipped to $81,600. For the next few hours, Bitcoin was observed showing range-bound behavior. There was not enough buying pressure for a positive movement, and Bitcoin faced consistent resistance at $82,300. At 13:30, Bitcoin finally broke out of the trading range, abandoning the $81,500 support. One final attempt to go up came at 14:00 UTC, but met rejection at $81,714. 

Chart 1: published on TradingView, April 11, 2025

Following the rejection, Bitcoin tumbled to a support level at $78,600 within the next two hours. This downward movement was also validated by a death cross on the MACD at 15:05. With the RIS now oversold, a trend reversal occurred. But the lack of buying pressure again led to insignificant upward movement. The price plateaued around the $80K mark and faced a reversal. However, today, Bitcoin formed an early uptrend and has since been climbing. At 9:20 UTC, the Bitcoin price ascended past the resistance.

BTC Price Prediction: Bitcoin on the Verge of $83,000

As of the latest update, Bitcoin was on the brink of touching $83,000. It is worth noting that the price has continued to grow despite overbought conditions and now looks to be facing a trend reversal. Given the highly bullish trend, the reversal may be potent as well. If that does happen, Bitcoin would like to keep above the $80,000 level. However, if a trading range forms, more positive Bitcoin news may be on the way.