Bitcoin price has been stagnant for nearly a week now and despite decent volume levels, volatility remained extremely low. Hence it could be a clear indication that the token is accumulating huge strength to undergo a major price action in the coming days. Meanwhile, the bears also wait for an opportunity to cash out which may further hinder the progress of the rally to a large extent.
Despite the hurdle, BTC price is believed to rise significantly to reach the necessary resistance and ignite a bullish rally in early 2023.
The BTC holders in recent times appear to have risen above the fear as the token has been incremental, after withstanding a huge panic selling phase. Now that the market sentiments are turning in favour of the bulls slowly, the possibility of a significant upswing emerges. Meanwhile, the rally continues to be under a deep bearish influence until the year’s end which may provide enough boosts to kick-start the year 2023.
BTC price, since mid-June, is trading with a downtrend and preparing for a new rally or a new ATH before the bear cycle begins. It appears that the price is trading inside a Wyckoff accumulation phase and broke a key support. Drops to $17.5K in June 2022 between $28K and $30K. This was the climax of the massive selling which attracted many bulls.
However, the BTC price again dropped further despite the bullish interference towards the same support zone making a secondary test. Although the token underwent a fake breakdown with double bottom accompanied by a bullish divergence with RSI, the BTC price appears to accomplish the Wyckoff phase very soon.
Therefore, looking at the Wyckoff phase, bitcoin (BTC) price is expected to initially test $16,000 to $16,500 and then move up to $18,500 to $19,000. Beyond that, the price could move higher towards $30,000, forming a barrier near $22,000, later towards $26,000 and finally towards $28,000.
