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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

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

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins 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.

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.

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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.

Read more

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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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