Bitcoin Bull Market Gains Momentum: Wyckoff Method Suggests Rally Ahead
Bitcoin Forms Bullish Picture
• Crypto strategist Jason Pizzino believes that Bitcoin (BTC) is forming the base for an incoming bull market.
• Pizzino highlights that Bitcoin surged to the top of the trading range ($30,000) prior to its pullback to below $25,000.
• According to the Wyckoff Method, Phase E of an accumulation scheme is marked by a move above the trading range with demand in full control.
The Bullish Picture
Bitcoin is in the later stages of a Wyckoff accumulation schematic, which suggests that an asset is forming the base for an incoming bull market. The crypto strategist believes that it is only a matter of time before the next burst to the upside for Bitcoin (BTC). This schematic is marked by a rally toward the top of the trading range followed by a retracement to a key support level. At time of writing, Bitcoin is worth $26,776.
Phase D and E
Pizzino states that whether it’s in Phase D or Phase E, it’s in a bullish state and structure. He sees this key support at $25,000 as being “a bull market structure,” allowing anyone who missed out on buying during earlier rallies “to be getting into Bitcoin in a re-accumulation area.” According to the Wyckoff Method, Phase E of an accumulation scheme is marked by a move above the trading range with demand in full control.
Risk Disclaimer
Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets.
Conclusion
Crypto analyst Jason Pizzino believes that it’s only a matter of time before we see another major upswing for BTC prices. He sees this current price point at around $25K as being “a bull market structure” where people have one last chance to get into bitcoin before prices rise again drastically. It’s important however to proceed with caution when investing as there are still risks involved with volatile markets such as these