Has a bottom finally formed in Bitcoin? The creator of Bollinger Bands revealed!

Investors eagerly await the end of the downward trend in Bitcoin and the beginning of a rise, while the creator of Bollinger Bands, John Bollinger, indicated that there is a dip formation in BTC.

At this point, John Bollinger stated that Bitcoin's Bollinger Bands are trying to form a double dip formation, but this has not yet been confirmed.

After the sharp drops, John Bollinger stated that Bitcoin may be forming a classic "W" dip pattern based on the %b indicator.

The %b indicator measures a security's closing price relative to its position within the Bollinger Bands. This means that Bitcoin is forming a dip according to the Bollinger Bands.

"According to the Bollinger Bands, a classic W bottom is forming in the Bitcoin/USD trading pair. However, this still needs confirmation. As both the weekly and daily timeframes of the Bollinger Bands indicate that no trend change has occurred yet."

According to Bollinger, while confirmation is still necessary, it could be a signal of a potential price recovery. "W" dips occur when prices reach a higher dip level and touch the lower band.

Experienced analyst Timothy Peterson shared his expectations for Bitcoin, predicting that Bitcoin can only rise after stocks find their bottom.