Bitcoin gains 6% as John Bollinger sees W-shaped BTC price bottom, and Goldman Sachs plans to continue active development of the cryptocurrency direction

Bitcoin gains 6% as John Bollinger sees W-shaped BTC price bottom

Bitcoin could surge higher if it completes a W-shaped bottom, according to the analyst John Bollinger.

In a tweet on May 24, the Bollinger Bands founder told traders to “stay tuned” for a possible lucrative continuation signal on BTC/USD.

Last week, Bollinger called Bitcoin’s rebound from $30,000 to $42,000 “logical” given the significance of the latter price level.

Now, he said, that upper bound could be forming the middle peak of a W-shaped price formation — a double-pronged bottom followed by an exit to the upside. In this situation, $30,000 was the first bottom, and May 23’s $31,000 dip the second.

“$BTCUSD is working on a short-term W bottom at a logical place,” he reiterated.

“The developing risk/reward looks good. Stay tuned for a trade opportunity… (no, not to me, to the markets).”

Goldman Sachs plans to continue active development of the cryptocurrency direction

Matthew McDermott, one of the top managers of Goldman Sachs, said that the investment bank will continue to expand its offerings related to digital assets in response to increased customer demand. The head of digital assets at Goldman Sachs also noted that large crypto projects continue their development “without any noticeable increase in fraudulent activity.”

McDermott said financial market players “rarely see a new asset class emerge.” Therefore, recently, the initiatives of Goldman Sachs are associated with a serious interest in cryptocurrencies from large investors and wealth managers.

“They remain interested in bitcoin, but are also increasingly focused on the broader value that cryptocurrencies can bring. They’re looking at ether in the context of the whole decentralized finance (DeFi) ecosystem and how that can really transform financial markets,” McDermott said.