Despite the recent dip, Bitcoin is showing signs of resilience, down 13% from its peak. A bullish analyst on X sees potential in the current technical developments surrounding the world’s most valuable coin.
Could Bitcoin Be in a Wyckoff Re-accumulation Phase?
On X, an analyst suggests that Bitcoin might be forming a Wyckoff Re-accumulation pattern on the daily chart. This pattern indicates a potential consolidation phase before a significant upward movement.
The Wyckoff Re-accumulation phase suggests that large players are quietly buying Bitcoin at a discount, keeping the price within a defined range amid muted price action.
Currently, Bitcoin is trading between $60,000 and all-time highs near $74,000, with a cautious bullish momentum hinting at strategic price manipulation by influential investors.
Despite some bearish signals, bulls are still in the game, preventing a significant drop in prices. Bears need to push prices below key levels to gain control.
Is Bitcoin Getting Ready for a Price Surge?
Positive factors such as the recent Halving event, reducing daily emissions by 50%, could drive Bitcoin prices higher due to increased scarcity. The timing of the surge, whether in weeks or months, remains uncertain.
Historically, Bitcoin tends to surpass previous highs post-Halving, indicating a potential rally towards new all-time highs by year-end.
The adoption of spot Bitcoin ETFs by institutional investors, as seen through data from Lookonchain, could further boost Bitcoin prices and attract more investors.
With increasing institutional interest and potential price rallies, Bitcoin is set for an exciting and potentially profitable future.
Feature image from Canva, chart from TradingView
