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Will Bitcoin (BTC) Price See New Bottom? John Bollinger Weighs In

John Bollinger, the creator of the Bollinger Bands (BBs) indicator, has shared his take on Bitcoin's price performance for the first time since the historic March 12 crash. In the thread about BTC potentially reaching a new bottom, the trading guru opined that all correlations tend toward one during crises. 

Agree. I dont understand what keeps it up. Is it really so strong corelated to the stock market which is currently kept above water just because of the FED? US has a big virus problem and in a few days it will be obvious to everyone.Trump will have to put people lifes first.

If the U.S. stock market starts reeling from the rapidly growing number of domestic coronavirus cases, BTC could print another huge red candle.  
ccording to trader @QuodSemper, the bottoming process usually takes longer during financial crises. This is why he expects Bitcoin to resume its downtrend. Moreover, he has spotted a rising wedge with the declining volume on the daily chart, which is typically regarded as a bearish signal. 
I bet we will see a new bottom. has formed a rising wedge with declining volume indicating a bearish breakout.Much of my funds are in USDT waiting to buy lower.During financial crises the bottoming process does not stop at one bottom,but always creates more than one
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After more than a week of topsy-turvy price action, Bitcoin has been see-sawing around the $6,600 level for four days in a row. Such periods of low volatility are usually followed by another storm. 

Bollinger didn't see that coming

As reported by U.Today, Bollinger tweeted that he didn't think that Bitcoin would fall victim to the COVID-19 panic. He expected it to act as a safe-haven asset during such a black swan event. 
Bollinger's disappointment as a tell-tale sign. The BTC price witnessed one of its biggest drops in history (that also coincided with the fastest stock market crash ever) just two days after his tweet.  

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