Well-followed crypto analyst Jason Pizzino has suggested that Bitcoin (BTC) might be in the early stages of a bull market following six consecutive weeks of price increase. Another crypto analyst, Inmortal, has made a contrary prediction, warning of a potential downturn.
Wyckoff Consolidation Pattern and Bitcoin
Crypto analyst Jason Pizzino, from his personal X (formerly known as Twitter) account, told his followers that Bitcoin appears to be in the final stage of the Wyckoff consolidation pattern. The pattern Pizzino refers to is well-known and indicates that strong investors are taking time to accumulate a certain asset.
Pizzino noted the following in his Bitcoin commentary based on the Wyckoff consolidation pattern:
Bitcoin has closed six consecutive weeks on a rising note. It’s becoming increasingly difficult for bears to maintain a downtrend in the face of a relentless uptrend. The Wyckoff pattern is most likely in Phase E and is preparing to leave behind approximately 15 months of consolidation stage (if it hasn’t already). Kudos to those who took positions at the bottom of the consolidation.
The journey from here is the fun part, however, emotions (price movements) will be much more volatile. Don’t miss out on the game, it’s just beginning.
According to the Wyckoff consolidation pattern highlighted by the analyst, Phase E of the formation indicates that an asset is in the rising stage or getting ready for a price increase period.
Warning of a Drop to $33,000 from Inmortal
While Pizzino believes BTC is signaling a strong rise, another crypto analyst, Inmortal, does not share his optimism for the short term. Inmortal believes that it is possible for Bitcoin to drop to as low as $33,000 in the coming days, quipping, “Bears need to feed from time to time, don’t they?”
The largest cryptocurrency, Bitcoin, was trading just above the $37,000 threshold at $37,082, reflecting a 0.62% increase in the last 24 hours at the time this article was written. Data shows that the crypto king has fallen 0.80% over the past 7 days.
- Bitcoin may signal a bull market.
- Wyckoff pattern suggests accumulation.
- Contrasting views among analysts.
