The crypto market, specifically the Bitcoin price is undergoing a roller coaster ride for the past few weeks. The value of the token managed underwent massive price actions that marked the highs above $27,000 and also found the bottoms below $25,500. While the market sentiments appear to have become extremely uncertain, the long-term chart displays the possibility of a bullish breakout.
A couple of months ago, Bitcoin price movement was found in line with the Wyckoff method which is a technical pattern suggesting the good time to buy or sell the token. There are basically four phases of the market cycle according to the Wyckoff method; accumulation, markup, distribution, and markdown.
As per the chart shared by one of the popular analysts, Moustache, the BTC price has just accomplished the accumulation phase and may soon enter the markup.
The markup phase is an indication of a new trend wherein pullbacks to new support usually offer new buying opportunities. Steeper pullbacks or corrections may also be possible and hence unless new highs are not generated, the markup and accumulation phases are believed to continue. Later the distribution and markdown follow which generate higher highs with the beginning of a fresh bullish cycle.
Therefore, the analyst believes that the price could soon trigger a fine upswing and mark the highs at around $40,000 soon.
“ Bitcoin and The Wyckoff Method.
Amazing how things are still going according to plan.
()….$40,000 for one BTC next”
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- Source: https://coinpedia.org/price-analysis/bitcoin-facing-bearish-action-while-long-term-projections-hint-40000-may-be-on-horizon/