Bitcoin Gets Ready To Leave 15-Month Accumulation Phase
It has been revealed the fact that Bitcoin is getting ready to leave the 15-month accumulation phase behind, as the king coin is forming a bullish structure. Check out the latest reports below. Bitcoin to leave the accum...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
It has been revealed the fact that Bitcoin is getting ready to leave the 15-month accumulation phase behind, as the king coin is forming a bullish structure. Check out the latest reports below.
Bitcoin to leave the accumulation phase behindAccording to a popular crypto analyst, Bitcoin (BTC) seems to be in the early stages of a bull market as it has been on the rise for six consecutive weeks.
Jason Pizzino, the analyst, has informed his 83,900 followers on X, a social media platform, that Bitcoin is currently in the final stage of the Wyckoff accumulation schematic.
This well-known pattern suggests that wealthy investors are taking their time to accumulate the asset.
Pizzino stated the following:
“Bitcoin closes six straight weeks up. It’s getting hard for the bears to remain bearish in the face of a relentless uptrend.
The Wyckoff schematic is most likely in Phase E and preparing to leave the ~15-month accumulation phase behind (if it hasn’t already done so).
Well done to all who timed the low accumulation phase and took their positions early.
The journey from here is the fun part but the emotions (price swings) will be far more volatile. Don’t drop the ball – it’s only getting started.”
According to the Wyckoff accumulation schematic, Phase E of the pattern clearly indicates that the asset is preparing for the markup phase or a period of price rises.
While Pizzino is optimistic about BTC and confident about a bullish signal, pseudonymous analyst Inmortal disagrees, at least in the short term. Inmortal firmly believes that Bitcoin might correct all the way down to $33,000 in the coming days, which is a real possibility.
“We have to feed the bears from time to time, don’t we?”
Stay tuned for more news from the crypto space and make sure to check out the crypto market as well.
Why this matters
This bitcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptoGazetteRelated market context
Ethereum (ETH) Price Prediction: ETH Eyes Recovery From $2,600 as $2,666-$2,689 Becomes Resistance
Ethereum price is holding around $2,618 as buyers attempt to preserve the latest recovery, but the market is approaching a decisiv...
US government moves $470 million in seized crypto to Coinbase wallets, raising Bitcoin sale questions
The US government moved about $470 million in seized crypto to likely Coinbase Prime addresses, according to Arkham, reviving ques...
XRP Whales Dominate Exchange Outflows as Bitcoin Shorts Rise on Hyperliquid
The contrasting flows highlight a market where some large investors are moving XRP away from exchanges even as leveraged traders p...
Robinhood adds $25 million of Bitcoin to its own balance sheet
Robinhood is adding $25 million of Bitcoin to its balance sheet after executives previously debated whether corporate crypto holdi...
Vitalik Buterin warns AI could weaken the math behind crypto security
AI advancements in math could accelerate cryptographic vulnerabilities, prompting urgent shifts in blockchain security strategies....
XRP Whale Transfers off Binance Reach Highest Level in 7 Months
XRP whale withdrawals from Binance have surged to a seven-month high, a new analysis shows, raising questions about available trad...