Closely followed crypto strategist Jason Pizzino believes it is only a matter of time before the next burst to the upside for Bitcoin (BTC).
In a new strategy sessionPizzino tells his 285,000 YouTube subscribers that Bitcoin is in the later stages of a Wyckoff accumulation schedule, suggesting an asset is the foundation for an incoming bull market.
According to Pizzino, Bitcoin is likely in Phase D of a Wyckoff accumulation schedule, an area characterized by a rally to the top of the trading range followed by a retracement to a key support level.
Pizzino emphasizes that Bitcoin rose to the top of the trading range ($30,000) before falling back 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 wanted to change it from phase E to phase D is that we’ve had some upside pressure and it looks like we’re going through this phase — the last fulcrum, the backup — where the market is basically just trying to remove as much supply as possible from the market before the price can be raised again.
So either way, whether it’s a phase D or phase E, it’s in a bullish state. It is in a bullish structure.
And if it’s in a phase D, it’s actually now more likely for anyone who missed it… to get into Bitcoin in a re-accumulation area. So that’s why I’m looking at this ($25,000) as a bull market structure, a bull market support before the market moves on.
According to the Wyckoff method, phase E is of an accrual arrangement marked by a move above the trading range with full control over demand.
At the time of writing, Bitcoin is worth $26,776.
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Image generated: Midway through the journey
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