Bitcoin’s price has gone up a lot this year, even reaching a record high of $111,980. But now it has dropped to around $104,515, falling 3% in the last 24 hours. It seems the strong rally might be losing steam.
Veteran trader John Bollinger, the creator of Bollinger Bands, has shared a warning. He sees a pattern that could mean Bitcoin may slow down or pull back soon.
The “Three Pushes to a High” Pattern
In his tweet, Bollinger shared a chart showing a “Three Pushes to a High” pattern. This pattern happens when the price hits the upper Bollinger Band three times in a row but can’t keep going higher.
It usually means that the uptrend is getting tired, and the price might soon take a break or even drop a little.
Looking at the chart, Bitcoin’s price reached close to $108,000, testing the upper band three times. But after those pushes, the candles got smaller, and the price started moving up and down instead of straight up. This is often a sign that buyers are losing steam and the price needs to cool off.
Why Traders Should Care
Although Bollinger didn’t make any direct predictions, the timing of this pattern is important. Bitcoin has recently dropped below $105,000 after touching nearly $112,000 just a few weeks ago.
That earlier rally followed Bollinger’s previous analysis in April, when he correctly spotted a bullish setup while BTC was trading around $74,000.
Bollinger’s message is important because it’s a reminder that no rally goes on forever.
Polymarket Bets: Bitcoin Aiming High for 2025
On the popular betting platform Polymarket, people have already placed more than $12 million in bets on where Bitcoin’s price will land in 2025. Most are betting that Bitcoin will hit $120,000 by the end of the year, with this number having a 76% chance of being right.
This positive outlook comes from more big institutions getting involved in Bitcoin, making people believe that the price will keep going up.
