John Bollinger drew attention to the bull formation in Bitcoin

According to John Bollinger, the doy name of technical analysis, the W pattern formed on the Bitcoin chart points to the increase.

Analyst John Bollinger, who is known for developing the technical analysis tool called "Bollinger Bands", which is widely used in the stock market, is of the opinion that the rise in Bitcoin is near.

Stating that a W pattern occurs on the weekly Bitcoin chart, Bollinger stated that this is a sign of an uptrend. Bollinger said, "There is a nice W pattern on the weekly BTC/USD chart. I drew a regression channel to highlight the forming flag. This is a bull formation, but I am waiting for its confirmation," he commented.

Chart shared by John Bollinger

W formation is a graphical model used in technical analysis. This pattern is often known as a trend reversal signal that indicates that the price will exit the downtrend and go bullish. In terms of shape, it resembles the letter W.