After a pretty tough week for Bitcoin and the entire crypto space, the asset still remains cemented at around $20,000 levels. A short-term weakness haunting Bitcoin (BTC) and its fundamentals as the price appears to have cemented itself amid minimal excessive selling pressure. Investors’ strategy appears to be to take advantage of all the exit liquidity on offer.
For the past few months, especially following the May collapse, Bitcoin has been hovering under strong bearish captivity. While a few breakouts were noticed, it turned out to be just a temporary recovery. However, while the entire crypto space is skeptical about the upcoming move, one of the popular analysts advises to be patient while the BTC price prepares for price action.
The analyst is referring here to the Wyckoff method, which suggests the appropriate time to buy and sell to investors. The theory covers 4 phases of the market cycle, Accumulation, Markup, Distribution & Markdown. According to the analyst, the Bitcoin market cycle is in the final stages of the cycle and is accumulating heavily after the market discount.
Therefore, Bitcoin (BTC) price is expected to consolidate briefly as the next cycle approaches at a premium. During the serve, gains are expected to be released as the price could start a significant bull run. Therefore, according to the analyst’s predictions, the BTC price could revisit levels above $30,000 in the first two weeks of the fourth quarter of 2022.
However, a slight pullback could plague the rally, but after a brief correction, the bounce could further test the upper targets very soon.
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