Legendary technical analyst John Bollinger has turned bullish on Bitcoin (BTC) after the flagship coin reclaimed the $80,000.
The creator of the famed Bollinger Bands indicator took to X (formerly Twitter) to share that his trend model for the flagship cryptocurrency has turned positive.
Acting on this signal, Bollinger confirmed that his fund’s “Tactica” program has initiated a new position and is now “fully invested” in BTC.
The vote of confidence is quite significant given the strong track record of accurate predictions that had been made by Bollinger. The recent price action might not be a mere dead-cat bounce after all.
The road to $88,000
Bitcoin has pulled off a truly relentless ascent since the beginning of May. The asset carved out a sequence of higher highs and higher lows, characterized by strong impulsive green candles. Earlier today, it peaked around $82,400, reaching a multi-month high.
According to Santiment, Bitcoin’s climb back toward $82,800 still leaves the asset with a year-to-date (YTD) return of -6%.
The firm notes that Bitcoin needs to reach $88,000 just to break even for 2026. This level will likely be a major psychological stepping stone.
Bulls are firmly in control as Bitcoin pushes beyond $80,000, driven largely by building ETF demand. However, as noted by crypto analytics firm Glassnode, the asset is fast approaching a critical “ceiling” near the $85,000 resistance zone. There is significant overhead supply waiting at these higher levels. Investors who bought near the previous all-time highs may look to offload their bags as they break even.
Any future upside cold be potentially capped by this supply overhang, according to Glassnode. Ther should be a significantly stronger follow-through to prevent this.
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