The top cryptocurrency by market capitalization has recently endured a massive sell-off that once again pushed its price below $10,000.
Bitcoin is bottoming out
While there is a lot of indecisiveness in the air, the long-term market technical believes that the Bitcoin price will find its local bottom within the $9,000-$10,000 range. At the time of writing, BTC is trading at $10,157.
I think Bitcoin and the other cryptocurrencies are working on trying to forge a short-term tradable bottom here that could have intermediate-term implications," Bollinger told Forbes.
Some top altcoins, namely Ethereum (ETH) and Litecoin (LTC), could be also on their way to witness some green candles. However, he doesn’t think that the bottom is already in for these cryptocurrencies since they are yet to break the downtrend.
Old wine in a new bottle
Bollinger, who dipped his toes into crypto about three years ago, points out that Bitcoin is no different from pre-algorithmic traditional markets. In fact, crypto appears to be the only market left that behaves “the old way.”
He also insists that the advent of CME's Bitcoin futures only produced a slight impact on BTC trading compared to previous years.
I don't know if its affected its overall price level, but I think its made the trading a little bit noisier, and that's what we would expect.