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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

This Bitcoin Wyckoff Schematic Says Massive Price Mark Up Comes Next

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin price mark up wyckoff

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Bitcoin price is trading at resistance currently, and it could be the last stop before massive price mark up, according to a Wyckoff accumulation schematic

Take a look at the shocking comparison to the schematic below and learn more about the mechanics behind “Wyckoff logic.” Plus, find out what might happen next if the schematic is accurate.

Bitcoin Price Action Mimics 9 Months Of Wyckoff Accumulation

The top cryptocurrency by market cap went from being pronounced dead following the FTX collapse, to suddenly showing signs of coming back to life.

Bitcoin price is up more than 60% from 2022 lows and around 50% year-to-date. It has outperformed the stock market, gold, and just about every other asset class in 2023.

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The price increase might only be the beginning according to a Wyckoff accumulation schematic, which closely mimics the price action in Bitcoin since June of last year.

A nearly 50% plunge per coin in June 2022 brought BTC to a potential “selling climax.” The support level held for some time, but ultimately was swept in what is referred to in Wyckoff theory as a “spring.”

After the spring, the asset being accumulated should rise to resistance, and BTCUSD is doing just that. What happens next will confirm or invalidate the conditions of the schematic.

BTCUSDT_2023-03-16_09-35-33

Is Bitcoin about to jump the creek? | BTCUSD on TradingView.com

What Happens After Crypto “Jumps The Creek?”

If Bitcoin price continues to follow the schematic, what comes next? According to Wyckoff theory, there are four phases in a market cycle: accumulation, mark up, distribution, and mark down.

Mark up comes after an extended accumulation phase, which could lead to BTCUSD increasing dramatically over a short period of time.  But it has to “jump the creek” first after pushing through the current resistance level.

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Wyckoff logic focuses on what “the Composite man” is doing behind the scenes. The Composite man is a representation of smart money and whales who control the underlying dynamics driving market uptrends and downtrends.

The Composite man is especially deft at cloaking their movements and taking advantage of extremes in supply or demand. For example, smart money carefully accumulates assets at the lowest prices and distributes them on the market at the highest profits.

Bitcoin price will have spent nine full months in accumulation, if mark up follows. Considering the length of time that BTC has been in an accumulation phase, the mark up phase that follows could be massive. The last time BTCUSD spent this long in an accumulation range, was 2015. Bitcoin rallied from $160 per coin, to $20,000 when it was all said and done. The cryptocurrency became a household name.

This time around, Bitcoin’s current low was $16,000. A similar move would take the top cryptocurrency by market cap to nearly $200,000 per BTC. Such results aren’t likely again due to the law of diminishing returns, but a sizable move is possible nonetheless.

According to this Wyckoff schematic, #Bitcoin is about ready to "jump the creek" after nearly nine months of accumulation. $BTCUSD pic.twitter.com/sR0mSWoums

— Tony "The Bull" Severino, CMT (@tonythebullBTC) March 16, 2023

Follow @TonyTheBullBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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