- Bitcoin has roared higher over the past few weeks as buyers have begun to rush in.
- John Bollinger, the legendary technical analyst that made the Bollinger Bands technical indicator, is bullish.
- He recently wrote that he thinks the “path of least resistance is higher” for Bitcoin.
Bitcoin Primed to Move Higher, Says Seasoned Technical Analyst
Bitcoin has roared higher over the past few weeks as buyers have begun to rush in. The leading cryptocurrency is up 5% in the past 24 hours alone as it pushes to new year-to-date highs and much more over the past few weeks.
Analysts think that the cryptocurrency will continue its ascent in the coming days.
John Bollinger, the legendary technical analyst that made the Bollinger Bands technical indicator, commented on Bitcoin:
“Looks like I was wrong about the chance of a correction, all we got was a bit of consolidation and then back to the races. $btcusd Broken setups like this are signs of strength so currently the path of least resistance is higher. #BTC.”
Looks like I was wrong about the chance of a correction, all we got was a bit of consolidation and then back to the races. $btcusd Broken setups like this are signs of strength so currently the path of least resistance is higher. #BTC
— John Bollinger (@bbands) November 16, 2020
Using his indicator, the analyst has made extremely accurate calls over the past few months. For instance, in October of 2019, he predicted the whipsaw price action that many analysts didn’t expect was coming. He has also made other accurate calls on Bitcoin’s price action on a short-term and medium-term basis.
Considering his track record, Bitcoin could continue higher in the days ahead as he expects.
Institutional Inflows to Trigger Upward Trend
It appears that there is an ongoing influx of institutional inflows into Bitcoin that could end up perpetuating the bull trend.
Skybridge Capital, an alternative assets investment fund run by a former White House official and Goldman Sachs VP, recently wrote the following in its investment mandate:
“Digital assets are assets that are issued and/or transferred using technological innovations such as distributed ledger or blockchain technology and include, but are not limited to, Bitcoin.”
This comment was made in reference to its intent to purchase the cryptocurrency and potentially equity in crypto firms.
Other fundamental trends are set to drive Bitcoin higher in the weeks ahead. Analyst at Citibank, Tom Fitzpatrick, recently wrote on the Bitcoin bull case in a world where there is mass monetary and fiscal stimulus:
“Bitcoin moves across borders easily and ownership is opaque. That last point is, I believe very relevant. The huge Fiscal deterioration of today has a cost in the future, either directly or indirectly. Directly it is that at some point the ‘bills have to be paid’, which means […] the money needs to be found.”
Fitzpatrick thinks the cryptocurrency could hit $300,000 in the coming year.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Legendary Technical Analyst Thinks Bitcoin Has Room to Move Higher