Bollinger Bands founder: Bitcoin is forming a classic Bollinger Bands W-bottom pattern, but confirmation is still needed.

PANews reported on April 11 that, according to Cointelegraph, well-known leading indicators show that Bitcoin is showing the classic "bottom" characteristics. On April 10, John Bollinger, the founder of the Bollinger Bands Volatility Indicator, revealed in a post on the social platform X that Bitcoin bulls are brewing positive signals. The Bollinger Bands %b indicator hints that Bitcoin is about to recover, and the latest Bollinger Band data suggests that Bitcoin may be building a long-term bottom. Through the analysis of the weekly level, Bollinger specifically pointed out that his original %b indicator is releasing a trend reversal signal. The indicator provides a basis for judging market turns by calculating the position of the asset's closing price relative to the Bollinger Bands (based on the standard deviation range of the 20-period simple moving average). The W-shaped double bottom pattern is particularly noteworthy – when the price falls below the lower band for the first time to form a low, and the second pullback forms a higher low, it often signals a reversal. Bollinger confirmed to followers: "Bitcoin is forming the classic Bollinger Bands W bottom pattern, but it still needs to be confirmed. ” From the weekly and daily Bollinger Bands, there has not yet been a trend reversal. The data shows that the Bitcoin daily price continues to run along the lower band, with the middle band SMA forming resistance. Jurrien Timmer, the Global Macro Director at Fidelity Investments, discovered similar technical characteristics when analyzing the US stock market, pointing out that the S&P 500 index has fallen from two standard deviations above the trend line to nearly two standard deviations below the trend line. Although it is in the oversold area, it has not yet reached historical extreme values.