John Bollinger Calls $45,000 Level “Key Pivot” for Bitcoin
Financial Analyst John Bollinger Claims It’s Time to Pay Attention to Bitcoin and Ethereum
In a recent tweettrader and financial analyst John Bollinger claims the $45,000 is “a major pivot” for Bitcoin, the world’s largest cryptocurrency.
Earlier today, the crypto king spiked to an intraday high of $45,137 on the Bitstamp exchange, hitting its highest price point since March 2. However, the cryptocurrency has already given up most of its gains and has fallen back to the $44,200 level. Bitcoin is still up about 9% in the past 24 hours.
Image by tradingview.com
At the same time, Bollinger argues that the $3,200 is “an important pivot” for Ethereum, the second-largest cryptocurrency. The flagship altcoin hit $3,195 earlier today, its highest level since Feb. 10, on the Coinbase exchange before balancing its gains along with Bitcoin. The cryptocurrency is currently trading in the red and hovering just above the $3,100 level.
Bollinger believes Ethereum could lead the rally ahead and urges his followers to pay attention.
The largest altcoin is so far down 11% against Bitcoin in 2022, with risk-out sentiment dominating the cryptocurrency market’s price action.
Ethereum posted monstrous gains in 2021, with the ETH/BTC pair rising a whopping 403%. The cryptocurrency benefited from the Cambrian explosion of non-fungible tokens (NFTs), which dominated headlines throughout the year.
While Ethereum has underperformed so far in 2022, many analysts believe it will steal the spotlight ahead of the highly anticipated upgrade dubbed the “merger,” tentatively scheduled for this summer. As reported by U.Today, the second largest blockchain is expected to consume 99.95% less energy once it transitions to the proof-of-stake mechanism. It remains to be seen whether Ethereum will be able to topple Bitcoin’s market cap.