Is Bitcoin bottoming out?willbet Soccer game today Legendary technical analyst John Bollinger apparently thinks so Advertisement

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John Bollinger, one of the most prominent traders, claimsthat Bitcoin might be in the process of bottoming out. 

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The Bollinger Bands tool, which was invented by the famed technical analyst, shows that Bitcoin is currently in the process of forming a W bottoming pattern that typically indicates a bullish reversal. 

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

W-bottoms form when prices log a higher low and touch the lower band. 

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That said, the chartist has cautioned traders that the pattern is yet to be confirmed on Bitcoin's weekly chart.

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After the most recent sell-off, Bitcoin briefly breached the horizontal support (marked blue on Bollinger's chart). On Apr. 7, the cryptocurrency plunged to a multi-month low of $74,415, plunging together with U.S. equities. However, it then surged sharply higher on Apr. 9 alongside major stock indices after the U.S. paused the highly controversial tariffs for the vast majority of countries. 

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Bitcoin is currently trading at $79,508 after reaching an intraday low of $78,669. The cryptocurrency is currently down 26.9% from the record high of nearly $109,000 that was recorded in January.

Bollinger, who started his career back in the 1970s, is known for making a slew of prescient Bitcoin calls in the past, attracting a significant following within the community. 

Meanwhile, Mike McGlone, the commodity strategist who predicted Bitcoin's rise to $100,000, is not insistingthat the cryptocurrency will experience a mean revision to $10,000.