A closely followed crypto analyst thinks that Bitcoin (BTC) is likely in the early stages of a bull market after rising for six consecutive weeks.

Analyst Jason Pizzino tells his 83,900 followers on the social media platform X that Bitcoin appears to be at the final stage of the Wyckoff accumulation schematic.

The Wyckoff accumulation schematic is a well-known pattern that suggests deep-pocketed investors are taking the time to load up on an asset.

Says Pizzino,

“Bitcoin closes six straight weeks up. It’s getting hard for the bears to remain bearish in the face of a relentless uptrend.

The Wyckoff schematic is most likely in Phase E and preparing to leave the ~15-month accumulation phase behind (if it hasn’t already done so).

Well done to all who timed the low accumulation phase and took their positions early.

The journey from here is the fun part but the emotions (price swings) will be far more volatile. Don’t drop the ball – it’s only getting started.”

Source: Jason Pizzino/X

Based on the Wyckoff accumulation schematic, Phase E of the pattern indicates that the asset is gearing up for the markup phase or a period of price rises.

Although Pizzino thinks that BTC is flashing a bullish signal, pseudonymous analyst Inmortal does not share his optimism, at least in the short term. Inmortal believes that it is within the realm of possibility for Bitcoin to correct all the way down to $33,000 in the coming days.

“We have to feed the bears from time to time, don’t we?”

Source: Inmortal/X

At time of writing, Bitcoin is worth $37,168.

Generated Image: DALLE3

The post Bitcoin Forming Bullish Picture As BTC Gears Up To Leave 15-Month Accumulation Phase Behind: Crypto Analyst appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ November 28, 2023 8:11 am