Bitcoin Bottom in Sight? Bollinger Bands Hint at Bullish Reversal

Bitcoin may be nearing a key bottom, according to legendary trader John Bollinger. The creator of the widely used Bollinger Bands tool suggests the cryptocurrency could be forming a bullish “W” bottoming pattern. This technical formation, characterized by a higher low and a touch of the lower band, often signals a potential trend reversal. However, Bollinger cautions that the pattern has not yet been confirmed on Bitcoin’s weekly chart.

After a sharp sell-off, Bitcoin briefly fell below horizontal support, reaching a multi-month low of $74,415 on April 7. The decline mirrored a broader market dip, as U.S. equities also plunged. Yet, Bitcoin rebounded strongly on April 9, climbing in tandem with stock indices after the U.S. government suspended controversial tariffs on most countries.

At the time of writing, Bitcoin is trading at $79,508, recovering from an intraday low of $78,669. Despite this bounce, BTC remains down 26.9% from its all-time high of nearly $109,000 recorded in January 2025.

Bollinger, who has built a reputation for accurately predicting market movements since the 1970s, has a large following in the crypto space. His analysis carries weight among traders looking for reliable signals amid market volatility.

Meanwhile, not all analysts share Bollinger’s bullish outlook. Bloomberg’s senior commodity strategist Mike McGlone, who previously forecasted Bitcoin's rise to $100,000, now warns of a potential mean reversion to $10,000 — a drastic shift in sentiment that highlights ongoing market uncertainty.

Still, with 85% of Bitcoin holders reportedly in profit despite recent corrections, many investors remain optimistic that a major rebound could be on the horizon.