John Bollinger, the creator of the Bollinger Bands volatility metric, has indicated that Bitcoin is potentially forming a long-term bottom around the $80,000 mark, as demonstrated by his proprietary indicator, the Bollinger Bands %b metric. This metric measures an asset's closing price in relation to the Bollinger band position, highlighting potential market trend reversals. Bollinger noted a 'W' bottom formation, where an initial low is followed by a higher low, as a possible setup for Bitcoin. However, he stated that confirmation of this pattern is still needed. Despite these insights, both weekly and daily charts indicate that no trend shift has been confirmed yet. Analysts suggest impending correlations with stock market movements, as Bitcoin's performance seems entwined with the Nasdaq. Experts forecast BTC's price could approach the $70,000 level amidst current market trends and recent volatility in tech stocks. Overall, while there is optimism for a rebound, the market still requires further confirmation of upward movement.

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