A closely watched crypto analyst thinks Bitcoin (BTC) is likely in the early stages of a bull market, after rising for six consecutive weeks.
Analyst Jason Pizzino tells his 83,900 followers on social media platform X that Bitcoin appears to be in the final stages of the Wyckoff accumulation schedule.
The Wyckoff accumulation schedule is a well-known pattern that suggests deep-pocketed investors are taking their time to purchase assets.
Says Pizzino,
“Bitcoin closes for six consecutive weeks. It will be difficult for the bears to remain bearish in the face of a brutal uptrend.
The Wyckoff schedule is most likely in phase E and preparing to leave the ~15 month accumulation phase (if it has not already done so).
Congratulations to all who timed the low accumulation phase and took their positions early.
The journey from here is the most fun part, but the emotions (price fluctuations) will be much more volatile. Don’t drop the ball; it’s just beginning.”
Based on the Wyckoff accumulation schedule, phase E of the pattern indicates that the asset is gearing up for the markup phase or a period of price increases.
While Pizzino thinks BTC is sending a bullish signal, pseudonymous analyst Inmortal doesn’t share his optimism, at least not in the short term. Inmortal believes it is within the realm of possibility that Bitcoin will correct all the way to $33,000 in the coming days.
“We have to feed the bears every now and then, right?”
At the time of writing, Bitcoin is worth $37,168.
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