Closely followed crypto analyst Jason Pizzino Bitcoin He noted that the price is likely in the early stages of a bull market after rising for six consecutive weeks.
Jason PizzinoHe drew attention with his post stating that BTC appeared to be in the final phase of the Wyckoff accumulation scheme.
The Wyckoff accumulation chart is a well-known model that shows deep-pocketed investors taking their time to load into an asset.
According to the analyst, Bitcoin closed six weeks in a row with an increase. The bears’ efforts to stay in the fight continue to decrease day by day. The analyst continued with the following words regarding this setup:
The Wyckoff scheme is most likely in Phase E and is poised to move past the ~15 month accumulation phase (if it hasn’t already).
Well done to everyone who timed the low accumulation phase and took their positions early.
NEWS CONTINUES BELOWThe journey from here is the fun part, but emotions (price fluctuations) will be much more volatile. Don’t drop the ball – it’s just getting started.
According to the Wyckoff accumulation chart, Phase E of the formation indicates that the asset is preparing for a bullish phase or price increase period.
Although Pizzino thinks Bitcoin is showing a bullish signal, analyst Inmortal does not share his optimism, at least in the short term. Inmortal believes that it is possible for BTC to drop to $33,000 in the coming days.
We have to feed the bears from time to time, right?
