Crypto Driver

08/07 01:37

asJohn Bollinger Warns of a ‘Fake Breakout’ in BTC

asJohn Bollinger Warns of a ‘Fake Breakout’ in BTC Price

Legendary analyst John Bollinger has suggested that the BTC price bounce could be a fakeout as Bitcoin and some other cryptocurrencies are showing a “fake breakout.”



Highlights

John Bollinger has warned that Bitcoin and some other cryptocurrencies are showing a “fake breakout,” hinting at a false breakout.

He noted that this is happening after the Bollinger Bands are compressed.

Bitcoin Rising Above $115,000 Today

Bollinger Bands creator John Bollinger has weighed in on the BTC price action after the flagship cryptocurrency rose above $115,000 today. According to the legendary analyst, the move could be a fakeout rather than a continuation of the bullish trend.

  John Bollinger Says BTC Price Is Making a False Signal

In a post by X, the legendary analyst said that Bitcoin and several other cryptocurrencies are making a false signal after the Bollinger Bands are compressed. He added that this pattern is not seen in ETFs because they are not traded on weekends and holidays. Bollinger also advised analysts to be wary of this pattern.

A false signal indicates that the BTC price may make a false signal before reversing in the opposite direction. Notably, Bollinger’s analysis comes at a time when the flagship cryptocurrency, like the entire crypto market, is recovering.

TradingView data shows that Bitcoin has once again broken the psychological level of $115,000, reaching an intraday high of $115,700. This has fueled speculation that the sharp price swings that began earlier in the week may be over, with a new breakout just around the corner.

 

Bollinger also hinted at a possible end to the consolidation, citing a Bollinger Band squeeze. However, instead of a breakout in BTC price after this false move higher, investors may see a rebound.

Notably, Bitcoin and the entire crypto market rallied on Monday following reports that Trump was planning to announce a rate-cutting Fed candidate to replace Adriana Kugler. However, Bitcoin then fell back to $114,000, leaving investors disappointed.

Bitcoin in Trouble

Cryptocurrency analyst Ali Martinez said that BTC price is in trouble. He explained that there is a strong resistance barrier at $117,000, with a gap below it, and little support between $113,000 and $108,000.

 This indicates that the leading cryptocurrency is likely to fall lower, rather than show sustained bullish momentum again. It is worth noting that the crypto analyst also suggested the possibility of BTC falling below $100,000 again and reaching $95,000.

Factors such as Trump’s tariffs, which come into effect on August 7, could contribute to a potential decline in the BTC price. Moreover, Brazil wants to urge the BRICS alliance to present a united front against mutual tariffs.

This could lead to a full-scale trade war, as India has also been hit hard by these tariffs following Trump’s decision to impose an additional 25% tariff. Goods from India were already subject to a 25% mutual tariff.

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