John Bollinger, the mind behind the widely used Bollinger Bands indicator, has pointed out that Bitcoin’s recent rebound could signal the end of its long‑term downtrend if a classic “W”‑shaped reversal pattern fully materialises. In plain terms, a “W” pattern occurs when the price drops, rebounds, drops again, and then rises to a new high. If that final rise surpasses the previous high, the trend line that has been sloping downward could be broken.
At the moment, Bitcoin sits around $62,660, up roughly 1 % over the last 24 hours. Despite this modest gain, the fear‑greed index is still in the extreme‑fear range, suggesting that many investors remain cautious. If the price can break above the upper Bollinger Band and stay there, it would provide the first tangible sign that the downtrend is ending. Conversely, a failure to hold above the band would reinforce the bearish case.
For retail traders, the next few days are worth watching closely. Look for the price to reach a new swing high that exceeds the previous peak, and then observe whether the subsequent swing low stays above the lower band. These two points together would confirm the “W” pattern and potentially trigger a bullish breakout. Keep an eye on the 24‑hour price change and any shifts in the fear‑greed metric—both will help gauge whether the market sentiment is aligning with the technical signals.