Bitcoin Gears Up for Impending Bull Run, Crypto Strategist Jason Pizzino Predicts”
Renowned crypto strategist Jason Pizzino, followed closely by a massive subscriber base of 285,000 on YouTube, confidently foresees the next significant surge for Bitcoin (BTC) on the horizon. Pizzino’s latest strategy session sheds light on Bitcoin’s current position within the Wyckoff accumulation schematic, indicating a strong foundation for an upcoming bull market.
Pizzino suggests that Bitcoin is presently in Phase D of the Wyckoff accumulation process, a crucial stage denoted by a rally toward the upper bounds of the trading range, followed by a retracement to a pivotal support level. He highlights Bitcoin’s recent ascent to the trading range’s pinnacle at $30,000, which was succeeded by a pullback below $25,000.
Asserting the bullish outlook, Pizzino emphasizes that Bitcoin remains in a favorable position. Both Phase E and Phase D exhibit remarkably bullish patterns. The decision to shift focus from Phase E to Phase D stems from the ongoing upward momentum and the market’s current stage, known as the last point of support or the backup phase. Here, the market endeavors to eliminate as much supply as possible before initiating another price markup.
Whether Bitcoin resides in Phase D or Phase E, it maintains a bullish stance and embraces a bullish structure. Furthermore, Phase D opens up additional opportunities for those who may have missed out, presenting a re-accumulation zone for Bitcoin. Hence, the current support level at $25,000 serves as a robust structure within the bull market, poised to propel the market even further.
According to the Wyckoff Method, Phase E of the accumulation scheme signifies a breakthrough above the trading range, with demand taking full control. As of the time of writing, Bitcoin commands a value of $26,776.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.