Wyckoff Accumulation technical model has predicted where the Bitcoin (BTC) price will next stop. A number of analysts said that BTC’s drop below $29,000 points to the “Spring” step, with a higher climb coming soon.
Is Bitcoin price rising?
While the bulls are struggling to continue the bull market trend seen earlier in 2021, others warn that the BTC price is not showing itself now, especially in the short term. According to Filbfilb, an independent market analyst and founder of Decentrader, bullish traders may have outdone themselves and be wrong about the recovery pace.
According to Filbfilb, the Wyckoff pattern has been redrawn multiple times over the past few weeks as analysts try to ensure that price action matches their view of what happens next. According to the analyst, these individuals ignore other potentially valuable signs and avoid information that does not fit their perspective. “I’ve seen this pattern plotted countless times over the past few weeks… but if it’s a true bottom, there tends to be a correlation between the size of the downtrend and the mid-range time needed for accumulation to occur,” Filbfilb said.
Is Grayscale breaking the uptrend?
Many believe that one of the biggest hurdles ahead of the uptrend is the Grayscale Bitcoin Trust (GBTC). Cryptocoin. com
As we reported , the biggest GBTC lock of the year will be opened in July and according to experts who draw attention to historical information, it has the potential to create downward pressure on the price.
Due to these potential headwinds, Filbfilb expresses his opinion for the near term as follows: “It’s too early to think about what will happen as we don’t spend enough time at the bottom. Finally, the analyst states that the decline may continue until the beginning of the 4th quarter before the start of the cycle.
Filbfilb is known for his earlier truth-holding assumptions. The analyst knew the critical levels in the BTC price, such as $3,150, $6,500, $10,000, and $3,800. In addition, with the chart he published in September 2019, he listed the levels that the leading cryptocurrency can see until February of 2020.
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