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 last few months, especially after the May collapse, Bitcoin has been hovering under strong bearish captivity. While a couple of breakouts were noticed, 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 advises maintaining patience as the BTC price is preparing 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 Bitcoin (BTC) price is expected to consolidate briefly as the next cycle is closer to kick-off with a Mark-up. During the markup, the profits are expected to be released as the price may kick off a significant bull run. Therefore, as per the predictions of the analyst, the BTC price may regain levels 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.
