Bollinger Bands Creator Flags ‘W’-Shaped Bitcoin Reversal Near $62K

John Bollinger, creator of the widely used Bollinger Bands volatility indicator, says Bitcoin (BTC) is nearing completion of a “W”-shaped double-bottom reversal pattern that could end the current bear market, according to Cointelegraph. The observation comes as BTC hovers near $62,600 and holds above the $60,000 level that traders have been watching closely.

In posts on X on Friday, Bollinger pointed to the classic technical setup, in which two swing lows are separated by a rejected rebound, with a decisive break above that rejection point signaling a new uptrend. “$BTC has seen a series of bullish patterns broken, evidence of the power of the downtrend,” he wrote, adding: “Will this ‘W’ be the one that breaks the trend?”

A “perfectly fractal” setup across timeframes

Bollinger shared a chart showing the pattern aligning closely with the lower Bollinger Band on Bitcoin’s daily timeframe. “Note that it is perfectly fractal. There are small ‘w’s at the nadirs and a small ‘m’ at the apex,” he said, noting a similar structure appears on the weekly chart as well.

Bollinger has been publicly bullish on Bitcoin for some time. In early May, he disclosed a new long position through his Bitcoin investment vehicle, according to Cointelegraph.

Cointelegraph also reported that a growing number of technical indicators are flashing signals last seen during the 2022 bear market. Despite this, most market participants still expect the broader macro bottom to arrive in the third quarter of 2026 or later, rather than having already passed.

ETF inflows return after a ten-day drought

Supporting the case for a potential turnaround, US spot Bitcoin exchange-traded funds recorded their first net inflows in ten days on Friday, totaling around $220 million. Axel Adler Jr., a contributor to onchain analytics platform CryptoQuant, described the shift as an early sign that selling pressure on Bitcoin may be easing.

“Bitcoin is in the late stage of the bear cycle, but the ETF segment has for the first time signaled that the pressure is easing,” Adler wrote on X.

Trader Daan Crypto Trades noted that while the $220 million figure is “not massive,” it could carry weight for price support if the rebound extends. He told followers it is worth noting how Bitcoin’s price has held the roughly $60,000 region despite persistent ETF outflows in recent weeks, adding that a continued bounce into the following week would suggest “a lot of absorption has taken place.”

What it would take to confirm the reversal

For Bollinger’s “W” pattern to be validated, Bitcoin would need to break decisively above the rejection level formed between its two recent swing lows, turning what has so far been a downtrend-driven consolidation into a confirmed uptrend. Bollinger’s framing suggests such a move could “break” the broader downward trajectory that has persisted since October 2025.

Until that confirmation happens, analysts caution that the current bounce remains part of a longer bear-cycle backdrop, even as institutional flows and price action offer early hints of stabilization around the $60,000 mark.

Read more: Bitcoin ETF Inflows Return After 10-Day Outflow Streak as Gold Correlation Deepens