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bitcoin wyckoff market wizardry
Nexo Logo

How 90-Year Old Market Wizardry Predicted The Bitcoin Breakout

Tony Spilotro by Tony Spilotro
10 months ago
in BTC
Reading Time: 3 mins read
Advertisement

Bitcoin price has erupted to more than $55,000, clearing any downtrend resistance and potentially signaling that the bull run is back on. The move might have taken bears by surprise, however, the blueprint for what happened was created around 90 years ago.

Here is a history lesson on Richard Wyckoff, Wyckoff theory, and how the market wizard born in the 1800s was able to predict the price action of a digital asset that didn’t debut until the 2000s.

Everything You Need To Know About Rickard Wyckoff And His Theory

Richard Wyckoff was known, according to Wikipedia, as an American stock market investor. He also founded and acted as the editor of the Magazine of Wall Street in the early 1900s.

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Wyckoff himself was fascinated specifically in the underlying mechanics that caused trends to form or change. He spent much of his later career studying markets, and other investors of the time. Names of those he studied include Jesse Livermore, and JP Morgan.

Related Reading | Ethereum Potentially Trades Inside Livermore Accumulation Cylinder Pattern

Wyckoff believed in the idea of a “composite operator” or a singular mind that controls the ebb and flow of the market. Wyckoff then spent his final days in the 1930s examining the behaviors of this “composite operator” and came up with certain schematics that would tell traders if the market is in one of four distinct phases: accumulation, mark up, distribution, and mark down.

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Phases of re-accumulation and re-distribution are also common as mid-points before the cycle repeats. But how does this all apply to Bitcoin?

In an article I shared last week on @newsbtc I suggested price action in #Bitcoin looked like distribution *before* the big drop. The video below is the *after*. pic.twitter.com/WwVs7YQxzb

— Tony "The Bull" Spilotro (@tonyspilotroBTC) April 23, 2021

Bitcoin Price Breakout Could Be Predicted With 90-Year Old Schematic

Bitcoin price action was in clear distribution when the leading cryptocurrency by market cap reached $65,000 in April 2021, as the tweet above demonstrates.

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Related Reading | Bulls Regain Control Over Bitcoin Trend Strength: What To Expect

After crypto took a huge plunge in May, it was then up to the “composite operator” to decide if the asset would be re-distributed, or re-accumulated. The chart below makes it quite clear which of the two was happening.

BTCUSD_2021-10-06_13-42-10

Wyckoff re-accummulation should lead to extensive mark up and new all-time highs | Source: BTCUSD on TradingView.com

What should come next, is a mark up phase. And when that is over distribution will happen again and put a final end to the current bull cycle once and for all.

At that point, watching for signs of re-distribution or accumulation at the bottom would be what the techniques designed more than 90 years ago would suggest. But that is only if you believe in the power of Wykcoff theory. Do you?

Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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