Closely followed crypto strategist Jason Pizzino believes that it is only a matter of time before the next burst to the upside for Bitcoin (BTC).
In a new strategy session, Pizzino tells his 285,000 YouTube subscribers that Bitcoin is in the later stages of a Wyckoff accumulation schematic, which suggests that an asset is forming the base for an incoming bull market.
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According to Pizzino, Bitcoin is likely in Phase D of a Wyckoff accumulation schematic, an area marked by a rally toward the top of the trading range followed by a retracement to a key support level.
Pizzino highlights that Bitcoin surged to the top of the trading range ($30,000) prior to its pullback to below $25,000.
“[Bitcoin] is still in a bullish picture. [Phase E and Phase D] are both pretty significantly bullish structures to be in.
The reason I was looking to change it from Phase E to Phase D is that we’ve had a push to the upside, and it looks like we are going through this stage – the last point of support, the backup – where the market is basically just trying to pull as much supply out of the market before the price can be marked up again.
So either way, whether it’s a Phase D or Phase E, it’s in a bullish state. It’s in a bullish structure.
And if it’s in a Phase D, it’s actually got more opportunity now for anyone that missed out… to be getting into Bitcoin in a re-accumulation area. So that’s why I’m looking at this ($25,000) as being a bull market structure, a bull market support before the market goes on further.
According to the Wyckoff Method, Phase E of an accumulation scheme is marked by a move above the trading range with demand in full control.
At time of writing, Bitcoin is worth $26,776.
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- Source: https://dailyhodl.com/2023/06/21/bitcoin-forming-bullish-picture-as-btc-gears-up-for-imminent-leg-up-according-to-crypto-strategist/
