Legendary Trader Bollinger Sparks Debate Over Bitcoin Chart

Legendary trader John Bollinger recently sparked a debate about the current Bitcoin price action. 

As reported by U.Today, the prominent technical analyst previously suggested that Solana SOLUSD and Ethereum ETHUSD were on the verge of bottoming out. However, Bollinger stressed that this did not apply to Bitcoin. 

Is a big move coming? 

Several users have noted that Bollinger Bands are narrowing, which indicates volatility compression. Such setups typically precede substantial price moves. 

According to data provided by CryptoQuant, volatility is currently drying up. "That’s calm before the storm: low activity, low momentum, traders waiting," analyst Maartunn said in a recent post. 

"Megaphones are not fun" 

Prominent trader Josh Olszewicz has commented that "megaphones are not fun" in response to Bollinger's post. 

The "megaphone" pattern forms when price swings gradually get wider. Such patterns are very challenging to trade because the price is extremely unpredictable. 

One commentator has also noted that Bitcoin is currently below a key support/resistance level, with RSI being under 50. This could be interpreted as a bearish sign.

Whale's big Bitcoin bet

According to Lookonchain, a whale recently opened a 40x long on $16.6 million worth of Bitcoin BTCUSD. 

CoinGlass data shows that investors are leaning bullish, with longs accounting for 55.45% of all bets.