Bitcoin (BTC) has been showing signs of sustained price recovery and hitting new multi-month highs, leading experts to suggest that the cryptocurrency’s bull run is in play. Aurelien Ohayon, CEO of strategy services platform XOR, pointed out that Bitcoin had formed the Wyckoff pattern, indicating that the maiden cryptocurrency’s bull run has kicked off with a potential target of $1 million. The Wyckoff pattern is based on an analysis by legendary trader Richard Wyckoff, involving identifying patterns in price and volume data to predict future price movements.
Bitcoin’s Recent Performance
BTC had been trading sideways for several weeks before a massive crash brought its value below $20,000. Since then, the situation has turned around, and BTC has made a notable recovery. As of today, Bitcoin is trading at $24,797, with daily gains exceeding 2%, demonstrating an impressive turnaround from its recent crash.
Bitcoin’s Wyckoff Chart
The Wyckoff pattern is divided into four key phases, including accumulation, markup, distribution, and markdown. As per Ohayon’s analysis, the Bitcoin price movement has hit the markup level, characterized by pullbacks to new support levels that offer buying opportunities known as throwbacks. Corrections may also occur, which are steeper pullbacks.
Bitcoin Fundamentals
Notably, Bitcoin has shrugged off the ‘FUD’ (Fear, Uncertainty, and Doubt) that emanated from the chaos in the American banking scene triggered by the collapse of the crypto-friendly Silvergate Bank. Additionally, Bitcoin’s latest performance received a boost from the U.S. consumer price data, indicating that inflation was still increasing but slower than the previous month. The data might prompt the Federal Reserve to potentially slow down or halt the increase of interest rates.
BTC also received a boost after crypto exchange Binance announced plans to convert its $1 billion industry recovery fund to tokens such as Bitcoin. By factoring in historical price movements and external factors such as regulation, it remains to be seen if Bitcoin’s movement is a bull run or not.
In conclusion, Bitcoin’s recent performance and formation of the Wyckoff pattern indicate that a massive bull run may be in play, with a potential target of $1 million. However, the cryptocurrency market is notoriously volatile, and external factors such as regulation could impact its movement. Only time will tell if Bitcoin’s current performance is indeed the start of a long-term bull run or just a temporary recovery.
Investors looking to capitalize on the potential bull run in Bitcoin can consider trading the cryptocurrency on popular online trading platforms such as Bitcoin Fast Profit or Bitcoin Loophole. With their user-friendly interfaces and advanced trading tools, these platforms provide investors with a seamless trading experience and the opportunity to profit from the cryptocurrency market’s volatility. However, it’s important to note that trading cryptocurrencies carries significant risks and investors should carefully consider their risk tolerance and investment goals before trading.
