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Home Cryptocurrency news

Bitcoin Price Following 2016 Bull Market Reaccumulation Pattern

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
bitcoin price crypto bull market
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Crypto investors, traders, and analysts alike are mostly in agreement that Bitcoin price has switched to bull market mode ever since the crypto asset left its bear market bottom behind. But now that Bitcoin price has been correcting in recent weeks, the market has become bearish and fearful that a deeper correction will soon be in play.

However, bulls may have little to fear, and this current correction could be nothing more than a reaccumulation phase in the midst of a bull market. The current price action also very closely mimics that of Bitcoin in 2016, just before the crypto asset skyrocketed into the public eye and reached its all-time high of $20,000, taking the world by storm.

Bitcoin Price Bull Market Reaccumulatoin Phase Deja Vu From 2016

According to Wyckoff theory, assets go through what’s called an accumulation phase, before the price of the asset is marked up and later distributed at a higher price. Most crypto investors or traders have likely heard this term used throughout the Bitcoin bear market, as a reason to keep hope while the asset fell to lower and lower prices.

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Related Reading | Bears Beware: Bitcoin Price Might Range For Another Month 

After Bitcoin bottomed, all the BTC that was accumulated at those low prices was quickly marked up, causing a parabolic run. That rally has since stalled and is in the midst of a multi-month correction that very well could be a reaccumulation phase according to Wyckoff theory.

In assets with strong upside potential, after distribution has been satisfied at higher prices, the asset’s price often falls back to important support levels where those late to buy up the asset at the previous bottom are now eager to buy up what they perceive to be another shot at buying the dip.

This sort of behavior is playing out in Bitcoin price charts currently, and it bears a striking similarity to the same sort of behavior Bitcoin price was exhibiting in 2016, just at the biggest crypto bull run ever had just begun to take footing. Once again, most believe that Bitcoin is building the foundation of its next bull run, and if this is indeed the case, the asset showing a nearly exact replication of the previous bull pattern is worth paying attention to.

$BTC still following 2016 pic.twitter.com/v9jg1bMOZo

— RJ (@RJ_Killmex) August 31, 2019

In a new chart shared by a prominent crypto analyst, Bitcoin price not only retested the 21 EMA in 2016 much like it is now, a dip in the Relative Strength Index indicator also caused a reset in overbought conditions so Bitcoin could get right back to its moon mission with very little pause.

Related Reading | Livermore Accumulation Cylinder Suggests Bitcoin To Set New ATH Next Rally 

Following the successful retest, Bitcoin price went on to break its former all-time high at $1,200. After that, the rest was history, and Bitcoin set a new high at $20,000 that if this current retest holds, may soon be a broken record.

Tags: 21 EMAbitcoinbitcoin priceBull MarketRelative Strength Index
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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 and feel free to drop me a line if you would like to work together.

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