Bollinger Forecasts New Bitcoin Price For 2020 Year End

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Last Updated on 30 October 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Only a very few people can claim that statistical formulas or equations have been named because of them. Because of this, whenever you hear or read a financial report in the Financial Times or the Wall Street Journal, you run into their name and know them.

Leonardo Bigollo Pisano, or Fibonacci if you will, was one of them. But he lived in the middle ages of course in renaissance Italy. Thus if we would like to ask him something about Bitcoin, we probably wouldn’t get an answer.

Advertentie.

Highs and lows

Better to ask another legendary statistician then. How about the inventor of the Bollinger bands, the 1980s model that can tell you the highs and lows of a volatile market.

John Bollinger is nothing short of a legendary figure by now of course, as every financial instrument you buy to help you create charts uses his Bollinger Bands.

Seems like the perfect man to ask what he believes the Bitcoin price will be by the end of the year. And thus, as more and more classic Wall Street moguls put part of their portfolio in crypto, one of the best known financial magazines did just that.

Constructive pattern 

The editors of Forbes asked Mr Bollinger for his perspective on Bitcoin and here’s what he said:

I’m actually pretty constructive on bitcoin at the moment. I’m not an outright screaming bull, nor am I bear.

That’s a good start. How about the chart itself?

The pattern is quite constructive. It looks like we’re in for higher prices but, like with everything, in every investment, we play it as it goes along.

The pattern is one of accumulation not distribution and the technical indicators are confirming the pattern pretty well now.

And then lastly, what influence could the US Presidential Election for next week have on markets (and thus also on the crypto market)?

I suspect that for the traditional markets, the election itself is going to be pretty much a non-event. That is, we’ve built in such a tremendous level of emotional involvement going into the election, I think that whatever the results are, that could actually be a bit of a let down, at least for some people, and I think that the traditional markets are actually going to be either flat or higher coming through the election cycle. I am not one of these people that’s forecasting doom and gloom in relation to the election, or any events that may occur after the election.