After undergoing a pretty tough week for Bitcoin & entire crypto space, the asset still remains cemented around $20,000 levels. A near-term weakness that is haunting Bitcoin(BTC) and its fundamentals as the price appears to have cemented amidst minimal excess sell-pressure. The investors’ strategy seems to be hovering around taking the advantage of all the exit liquidity offered.
For the past few months, especially after the May collapse, bitcoin has been in a strong bearish captivity. While some breakouts were seen, it turned out to be just an interim bounce. However, while the entire crypto space is skeptical of the upcoming move, one of the popular analysts has advised to be patient as BTC price prepares for price action.
The analyst here refers to the Wyckoff Method which suggests to the investors the appropriate buy & sells time. The theory includes 4 phases of the market cycle, accumulation, mark-up, distribution & markdown. As per the analyst, the Bitcoin market cycle is in the final phase of the cycle and is heavily accumulating after the market markdown.
Therefore, the price of bitcoin (BTC) is expected to briefly consolidate as the next cycle nears the start with a mark-up. During the markup, profits are expected to continue as the price may initiate a significant bull run. Therefore, as per the analyst forecast, BTC price may retest the level above $30,000 in the first fortnight of Q4 2022.
However, a slight pullback may haunt the rally, but after a brief correction, the upswing may continue to test the upper targets very soon.
