Bollinger Sees 'Perfectly Fractal' Double-Bottom Pattern in Bitcoin

Bitcoin's price action has drawn attention from technical analyst John Bollinger, who believes the cryptocurrency may be ending its bearish trend. In a series of posts on X, Bollinger pointed to a 'W'-shaped double-bottom pattern forming on the daily chart, which he described as 'perfectly fractal.' This setup suggests that Bitcoin could be moving into the final phase of a longer bearish cycle.

Bollinger's analysis is based on the formation of two swing lows with a rebound in between, typically seen as a bullish reversal pattern. However, Bollinger noted that prior bullish patterns had been broken, reinforcing his view that the downtrend has been dominant. He asked whether the present 'W' could be the one that breaks the trend.

Additionally, market participants have pointed to renewed interest in institutional demand, with US spot Bitcoin ETFs recording their first net inflows in ten days. This development is seen as a potential signal of easing pressure in the ETF channel. While some traders cautioned that the inflow amount was not massive, others noted that BTC's ability to hold near the $60,000 area despite broader outflows may be indicative of absorption of selling pressure.