In a captivating analysis, legendary technical trader John Bollinger highlights a classic setup in Bitcoin's daily chart, signaling a potential surge towards an ambitious $107,000 target. This bullish outlook is contingent on Bitcoin maintaining its current upward momentum and avoiding a retreat into its previous trading range.
Bitcoin's Path to Six Figures
Bollinger's assessment points to a "near perfect base" formation for BTCUSD, characterized by a Bollinger Band Squeeze and a subsequent breakout. He explicitly marks the first upside target at $100,000, followed by a second objective around $107,000. The daily timeframe reveals Bitcoin consolidating in a sideways-to-slightly-higher base throughout late last year, effectively absorbing a sharp Q4 selloff. This period of price compression laid the groundwork for the current volatility expansion. The "Squeeze" is evident as Bollinger BandWidth dipped to a low before turning upwards, coinciding with the %B indicator breaking above the 1.0 line—a clear signal of price moving beyond the upper band. Bitcoin's price accelerating higher off this base, with bands widening, signifies active market expansion rather than mere compression. However, Bollinger warns that a failure to hold this breakout would send BTC "back into the trenches," implying a drop below the critical $93,500 support level.
Broader Crypto Market: ETH and XRP Lagging
Extending his analysis to other major cryptocurrencies, Bollinger noted similar patterns in Ethereum (ETHUSD), though with a discernible delay. He suggests Ethereum is "following not leading" Bitcoin's movements. For Ripple (XRP), while acknowledging a "strong lift," Bollinger views its overall pattern as weaker. His current sentiment places Bitcoin firmly ahead, stating, "BTC > ETH > XRP for now," underscoring Bitcoin's dominance in leading the market charge. At the time of the analysis, Bitcoin was trading at approximately $93,325.
