Bitcoin Forming Bullish Picture As BTC Gears Up for Imminent Leg Up, According to Crypto Strategist
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.
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.
I
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Shutterstock/PurpleRender
