As a researcher with a background in technical analysis and a strong interest in cryptocurrencies, I find the current state of Bitcoin intriguing. The recent price drop, down 13% from its all-time high, has cast a shadow of uncertainty over the world’s most valuable coin. However, I believe that we might be witnessing the early stages of a Wyckoff Re-accumulation pattern on the daily chart.
Bitcoin‘s value in writing has dipped by 13%, falling short of its record high. Yet, amidst this volatility, one industry expert maintains an optimistic stance towards Bitcoin, attributing his bullishness to recent technical advancements.
Is Bitcoin Inside A Wyckoff Re-accumulation Phase?
According to X’s assessment as an analyst, Bitcoin may be exhibiting signs of a Wyckoff Re-accumulation phase on its daily chart. In simpler terms, this indicates that Bitcoin might be trading within a specific range before potentially experiencing significant price increases.
In simpler terms, during the Wyckoff Re-accumulation phase, major investors or “whales” are believed to be purchasing assets at lower prices. The market’s price movement remains subdued within a specific range while these transactions take place.
At present, Bitcoin’s price is situated between two key levels. The lower boundary is set at approximately $60,000, while the upper limit lies near the all-time high of around $74,000.
Despite the overall positive trend, the inability of bulls to make significant gains or experience noticeable declines around key price levels implies that large investors could be intentionally manipulating prices to keep them stable at current market rates.
As a researcher examining the recent price action in the Bitcoin market (BTCUSDT), I’ve noticed an intriguing development: despite the bearish trend signaled by the April 13 candle, which represents a significant loss for the bulls, it appears that they have managed to reclaim some ground. The prices are still contained within this bearish candlestick, but the fact that bulls have returned to defend their support levels is a clear indication of their determination to hold their ground.
Sellers will only regain control over the market if Bitcoin’s price falls significantly below the April 13 lows and hovers around $60,000 with increasing trading activity. Currently, buyers have the upper hand, as they continue to make purchases within a broader range, with a ceiling at $73,800.
Is BTC Preparing For Gains?
Despite the presence of optimism, a significant boost could be initiated by technical and foundational elements following the recent Bitcoin Halving on April 20th. This event led to a 50% decrease in the network’s daily emissions. With fewer new coins being introduced, scarcity might ensue, potentially pushing prices upward if demand persists.
Despite the uncertainty about when this spike may occur, whether it will happen in the coming weeks or months, Bitcoin has a tendency to surpass previous record highs following each halving event. Should this historical trend hold true, with the current record high being $73,800, Bitcoin could potentially reach new all-time highs by the end of the year.
The decrease in Bitcoin held by GBTC, totaling 538 BTC as of April 24, has been offset by the addition of 569 BITcoin by BlackRock and other institutions issuing spot Bitcoin ETFs. This institutional inflow is a significant contributor to the anticipated growth in adoption. (Lookonchain data, April 24)
As a researcher observing the current market trends, I notice that the inflow of Bitcoin (BTC) into portfolios has decreased. However, if we assume that prices rebound and regain their strength, I believe there will be a renewed interest among investors to acquire more BTC. Consequently, this increased demand could potentially push up the market price.
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2024-04-26 05:45