{"id":465730,"date":"2021-06-16T20:29:25","date_gmt":"2021-06-16T20:29:25","guid":{"rendered":"https:\/\/wncen.com\/?p=465730"},"modified":"2024-06-11T13:56:26","modified_gmt":"2024-06-11T13:56:26","slug":"bitcoin-to-50000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-to-50000\/","title":{"rendered":"Bitcoin To Reclaim $50,000: Legendary Technical Analyst John Bolinger"},"content":{"rendered":"<p class=\"p1\">Technical analyst John Bolinger says that the price of Bitcoin is trying to move up. He pointed out that the first real target is the bottom side of the prior. This means the $48k to $50k range.<\/p>\n<p class=\"p1\">This was in response to a tweet from BigCheds on Twitter which posted a candlestick chart showing Bitcoin\u2019s progression.<\/p>\n<p class=\"p1\">The account tagged John in a follow-up tweet and the later replied that bitcoin was going up to the $50k range.<\/p>\n<p class=\"p1\">At the end of the tweet, he says to \u201cplay it as it lays.\u201d<\/p>\n<p class=\"p1\" style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/bitcoin\/tim-draper-bitcoin-prediction\/\">Billionaire Tim Draper: Bitcoin Will Reach $250,000 By The End Of 2022<\/a><\/strong><\/em><\/p>\n<p class=\"p1\">John Bolinger created <a href=\"https:\/\/en.wikipedia.org\/wiki\/Bollinger_Bands\" rel=\"nofollow\">Bolinger Bands<\/a>. A technical indicator that is used widely across industry. The tool uses a set of trend lines plotted two standard deviations, positively and negatively, away from a simple moving average (SMA) of a security\u2019s price. While the tool works great with its standard settings, it can also be calibrated to a user\u2019s preferences.<\/p>\n<p class=\"p3\"><i><span class=\"Apple-converted-space\">\u00a0 <\/span>\u201cBottom in place, prices trying to move higher, first real target is the bottom side of the prior range, call it 48 to 50k.\u201d<\/i><\/p>\n<p class=\"p1\">&#8211; Tweet from John Bolinger from his Twitter account @bbands.<\/p>\n<p class=\"p1\">Calling the price of Bitcoin is never an exact science. Forecasts are mostly just opinions and educated guesses made by analysts. They do this through analyzing past prices and movements of an asset over a period of time to try to gauge where the asset will go next.<\/p>\n<p class=\"p1\">When a reply to the tweet said that they were having a hard time being bullish on Bitcoin when it still hasn\u2019t broken the $43k range, John Bolinger replied, \u201cThe market will let us know what to do, the rest is just opinion.\u201d<\/p>\n<h2 class=\"p1\">Bitcoin Price Crash<\/h2>\n<p class=\"p1\">The price of Bitcoin crashed in response to the Chinese government <a href=\"https:\/\/bitcoinist.com\/clean-bitcoin-mining-solutions-grow-thanks-to-ongoing-china-crackdown\/\" rel=\"nofollow\">cracking<\/a> down on crypto mining in the country. With mining facilities being closed down in Xinjiang, Inner Mongolia, and Qinghai provinces.<\/p>\n<p class=\"p1\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/3IdSoEYH\/\" alt=\"Bitcoin price chart from February till date\" width=\"1348\" height=\"699\"><\/p>\n<pre style=\"text-align: center\">Bitcoin price surged after the Tesla announcement in February | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/UG2tjOD6\/\" rel=\"nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p class=\"p1\">Bitcoin seems to be on a path to correction since then but not without some bumps along the way.<\/p>\n<h2 class=\"p1\">Elon Musk Tesla Comments<\/h2>\n<p class=\"p1\">Elon Musk had announced that Tesla would stop accepting payment in Bitcoin for cars in May due to environmental concerns related to mining.<\/p>\n<p class=\"p1\">As expected, market reaction to this announcement was not favorable as the coin took a downturn. There was a prompt sell-off of coins in reaction to this news, dragging the price down, although not by a large margin.<\/p>\n<p class=\"p1\">Tesla\u2019s announcement that they were accepting Bitcoin for cars back in February gave the market a huge boost. Pushing the coin into the $40k range. An uptrend that would continue until Bitcoin hit its all time high.<\/p>\n<p class=\"p1\">So it\u2019s no surprise that the announcement that they will not be accepting Bitcoin payments had the opposite effect on the coin.<\/p>\n<p class=\"p1\" style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/analysis\/btc\/microstrategy-to-buy-bitcoin\/\">MicroStrategy Sells $500 Million Notes To Buy Bitcoin<\/a><\/strong><\/em><\/p>\n<p class=\"p1\">The electric automotive manufacturer has stated that they will resume Bitcoin payments when mining operations transition to more sustainable energy.<\/p>\n<h3 class=\"p1\">Bitcoin Adoption Could Help Get It Back To $50k<\/h3>\n<p class=\"p1\">Last week, the crypto space was abuzz with the news of El Salvador <a href=\"https:\/\/owiebest.medium.com\/bitcoin-el-salvador-to-make-bitcoin-a-legal-tender-alongside-usd-88bf8129e556\" rel=\"nofollow\">accepting<\/a> Bitcoin as a legal tender. The country recorded an exponential increase in the amount of Bitcoin remittances from citizens overseas sending money back home to loved ones.<\/p>\n<p class=\"p1\">Following this, other South American countries like the Bahamas has said that they are considering making Bitcoin a legal tender.<\/p>\n<p class=\"p1\">Tanzania\u2019s president has also called for the central bank to start <a href=\"https:\/\/bitcoinist.com\/tanzanias-president-calls-for-central-banks-to-work-towards-crypto-acceptance\/\" rel=\"nofollow\">developments for crypto adoption<\/a>.<\/p>\n<p class=\"p1\">Faith in the market is going back up as institutional investors are continuing to buy Bitcoin.<\/p>\n<p class=\"p1\">A culmination of these events has led to a price increase but not much as the coin is still struggling to break $41k.<\/p>\n<pre style=\"text-align: center\">Featured image from Blockchain News, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Technical analyst John Bolinger says that the price of Bitcoin is trying to move up. He pointed out that the first real target is the bottom side of the prior. This means the $48k to $50k range. This was in response to a tweet from BigCheds on Twitter which posted a candlestick chart showing Bitcoin\u2019s progression. The account tagged John in a follow-up tweet and the later replied that bitcoin was going up to the $50k range. At the end of the tweet, he says to \u201cplay it as it lays.\u201d Related Reading |\u00a0Billionaire Tim Draper: Bitcoin Will Reach $250,000 By The End Of 2022 John Bolinger created Bolinger Bands. A technical indicator that is used widely across industry. The tool uses a set of trend lines plotted two standard deviations, positively and negatively, away from a simple moving average (SMA) of a security\u2019s price. While the tool works great with its standard settings, it can also be calibrated to a user\u2019s preferences. \u00a0 \u201cBottom in place, prices trying to move higher, first real target is the bottom side of the prior range, call it 48 to 50k.\u201d &#8211; Tweet from John Bolinger from his Twitter account @bbands. Calling the price of Bitcoin is never an exact science. Forecasts are mostly just opinions and educated guesses made by analysts. They do this through analyzing past prices and movements of an asset over a period of time to try to gauge where the asset will go next. When a reply to the tweet said that they were having a hard time being bullish on Bitcoin when it still hasn\u2019t broken the $43k range, John Bolinger replied, \u201cThe market will let us know what to do, the rest is just opinion.\u201d Bitcoin Price Crash The price of Bitcoin crashed in response to the Chinese government cracking down on crypto mining in the country. With mining facilities being closed down in Xinjiang, Inner Mongolia, and Qinghai provinces. Bitcoin price surged after the Tesla announcement in February | Source: BTCUSD on TradingView.com Bitcoin seems to be on a path to correction since then but not without some bumps along the way. Elon Musk Tesla Comments Elon Musk had announced that Tesla would stop accepting payment in Bitcoin for cars in May due to environmental concerns related to mining. As expected, market reaction to this announcement was not favorable as the coin took a downturn. There was a prompt sell-off of coins in reaction to this news, dragging the price down, although not by a large margin. Tesla\u2019s announcement that they were accepting Bitcoin for cars back in February gave the market a huge boost. Pushing the coin into the $40k range. An uptrend that would continue until Bitcoin hit its all time high. So it\u2019s no surprise that the announcement that they will not be accepting Bitcoin payments had the opposite effect on the coin. Related Reading |\u00a0MicroStrategy Sells $500 Million Notes To Buy Bitcoin The electric automotive manufacturer has stated that they will resume Bitcoin payments when mining operations transition to more sustainable energy. Bitcoin Adoption Could Help Get It Back To $50k Last week, the crypto space was abuzz with the news of El Salvador accepting Bitcoin as a legal tender. The country recorded an exponential increase in the amount of Bitcoin remittances from citizens overseas sending money back home to loved ones. Following this, other South American countries like the Bahamas has said that they are considering making Bitcoin a legal tender. Tanzania\u2019s president has also called for the central bank to start developments for crypto adoption. Faith in the market is going back up as institutional investors are continuing to buy Bitcoin. A culmination of these events has led to a price increase but not much as the coin is still struggling to break $41k. Featured image from Blockchain News, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":465731,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,6664,79520,79589],"class_list":["post-465730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbtcusd","tag-xbtusd-btcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin To Reclaim $50,000: Legendary Technical Analyst John Bolinger<\/title>\n<meta name=\"description\" content=\"Technical analyst John Bolinger says that the price of Bitcoin is trying to move up. 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