BTC Technical Analyst Thinks Bitcoin Will Still Move Higher

A BTC Technical analyst believes that Bitcoin still has room to grow higher after it skyrocketed in the past few weeks as the buyers rushed in. John Bollinger, the BTC technical analyst who created the Bollinger Bands technical indicator, said he was bullish and thinks the “path of least resistance is higher for BTC” so let’s read more in today’s latest bitcoin news.

Looks like I was wrong about the chance of a correction, all we got was a bit of consolidation and then back to the races. $btcusd Broken setups like this are signs of strength so currently the path of least resistance is higher. #BTC

— John Bollinger (@bbands) November 16, 2020

Bitcoin skyrocketed over the past few weeks as the buyers started rushing in and the leading cryptocurrency is up by 5%in the past 24hours alone pushing to new year-to-date highs and a lot more over the past few weeks. The analysts believe that the cryptocurrency will continue its ascent in the upcoming days. John Bollinger is the legendary technical analyst who made the Bollinger Bands technical indicator and commented on BTC:

 “Looks like I was wrong about the chance of a correction, all we got was a bit of consolidation and then back to the races. $btcusd Broken setups like this are signs of strength so currently the path of least resistance is higher. #BTC.”

By using the indicator, Bollinger made accurate calls over the past few months especially when he predicted the price action which many analysts didn’t expect to see coming. He made other accurate calls on Bitcoin’s price in a short-term and medium-term basis. Looking at its track record, BTC could continue higher in the upcoming days. It seems that there’s an ongoing influx of institutional inflow into BTC that could end up prolonging the bull trend. SKybridge Capital, the popular investment fund wrote recently:

 “Digital assets are assets that are issued and/or transferred using technological innovations such as distributed ledger or blockchain technology and include, but are not limited to, Bitcoin.”

The comment was made in reference to the goal of purchasing the cryptocurrency and equity as well in crypto companies. Other fundamental trends are set to drive BTC higher in the upcoming weeks ahead. Citibank analyst Tom Fitzpatrick wrote on Bitcoin’s bullish scenario saying:

 “Bitcoin moves across borders easily and ownership is opaque. That last point is, I believe very relevant. The huge Fiscal deterioration of today has a cost in the future, either directly or indirectly. Directly it is that at some point the ‘bills have to be paid’, which means […] the money needs to be found.”