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Home»Analysis»Bitcoin is forming a bullish picture as BTC gears up for an impending rally, according to Crypto Strategist
Analysis

Bitcoin is forming a bullish picture as BTC gears up for an impending rally, according to Crypto Strategist

2023-06-21No Comments2 Mins Read
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Closely followed crypto strategist Jason Pizzino believes it is only a matter of time before the next burst to the upside for Bitcoin (BTC).

In a new strategy sessionPizzino tells his 285,000 YouTube subscribers that Bitcoin is in the later stages of a Wyckoff accumulation schedule, suggesting an asset is the foundation for an incoming bull market.

According to Pizzino, Bitcoin is likely in Phase D of a Wyckoff accumulation schedule, an area characterized by a rally to the top of the trading range followed by a retracement to a key support level.

Pizzino emphasizes that Bitcoin rose to the top of the trading range ($30,000) before falling back below $25,000.

“[Bitcoin] is still in a bullish picture. [Phase E and Phase D] are both pretty significantly bullish structures to be in.

The reason I wanted to change it from phase E to phase D is that we’ve had some upside pressure and it looks like we’re going through this phase — the last fulcrum, the backup — where the market is basically just trying to remove as much supply as possible from the market before the price can be raised again.

So either way, whether it’s a phase D or phase E, it’s in a bullish state. It is in a bullish structure.

And if it’s in a phase D, it’s actually now more likely for anyone who missed it… to get into Bitcoin in a re-accumulation area. So that’s why I’m looking at this ($25,000) as a bull market structure, a bull market support before the market moves on.

Source: Jason Pizzino/YouTube

According to the Wyckoff method, phase E is of an accrual arrangement marked by a move above the trading range with full control over demand.

See also  600 Days of Bullish Bitcoin Momentum Arriving – But There's a Catch, Says On-Chain Analyst

At the time of writing, Bitcoin is worth $26,776.

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