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Home Cryptocurrency news Bitcoin

This Accumulation Pattern Suggests Bulls Are On The Right Side Of Bitcoin

Tony Spilotro by Tony Spilotro
6 months ago
in Bitcoin, Cryptocurrency news, Technical analysis
Reading Time: 3min read
bitcoin accumulation pattern

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Bitcoin price may be down compared to it was just weeks ago, but it is not out. Bulls are fighting hard and have been keeping $10,000 as unbreakable on the way back down as it was on the way up.

With each touch of the key resistance turned support, the cryptocurrency’s price action more closely resembles that of a Wyckoff accumulation schematic. If that’s the case, the crypto asset is being absorbed by smart money and whales, and mark up could come next.

Bitcoin Bulls Defending $10,000 Support, Or Is Smart Money Accumulating BTC?

Bitcoin price is now trading at around $10,400 after a valiant, week-long effort from bulls to keep the cryptocurrency above support at $10,000.

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And while the battle at a glance looks to be hard-fought, what could really be going on in between each minor intraday price swing, is full-blown accumulation taking place at such a critical level.

Related Reading | “Weak Hands” Have Been Shaken Out On The Bitcoin Crash To $10,000

$10,000 acted as resistance throughout the bear market, and could now be acting as support. At the same time, either whales or smart money investors like hedge funds or institutions could be loading up on BTC while prices are currently low.

According to a sharp-eyed analyst, the cryptocurrency’s recent low timeframe price action closely resembles a Wyckoff accumulation schematic. If this is the case, what comes next is mark up to much higher prices.

wyckoff bitcoin accumulation

BTCUSD 30M Wyckoff Accumulation Schematic Comparison | Source: TradingView

Crypto Market At Critical Junction, Trend Ahead To Be Defined By Next Several Days

The current market structure in Bitcoin very closely mimics the schematic and shows that only a few days remain before this pattern is either confirmed or invalidated.

Falling below $9,800 and sweeping the lows, would likely either mean more downside ahead, or a quick shakeout before another move up – but it won’t be accumulation.

Related Reading | Data Shows Whales Are Loading Up On Bitcoin, But Why?

Accumulation would mean that smart money and investors might be absorbing the supply now at low prices, preparing to sell the asset much higher. A rise out of the current trading range and back to reclaim highs would confirm the pattern, and make higher prices probable.

Coinciding with this potential pattern, blockchain data shows that whales with wallets holding 1,000 BTC or more are loading up on Bitcoin now, at this high of prices. They’ve been doing so ever since Black Thursday, either preparing to hedge against inflation or perhaps for another reason.

Whatever the cause, the next days in Bitcoin price action will be telling if the current drop was to re-accumulate Bitcoin at lower prices, or just a stop along the way to new lows.

Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. 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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