Over the past two weeks, global markets have been in chaos; along with Bitcoin plunging below $9,000 to a low of $8,400, equities, namely U.S. stocks, have fallen off a cliff.
Although Bitcoin traded in tandem with the Dow Jones last week, analysts are coming to the conclusion that the cryptocurrency has fuel to jet, so to say, past $10,000 in the coming days and weeks.
Bitcoin printing similar bottom pattern it saw in December.
One such textbook predicts Bitcoin is about to surge even higher than it already has over the past days.
Financial Survivalism - the crypto trader accurately predicted that Bitcoin would rally to the $9,000s by the middle of January - recently shared the below analysis, showing that BTC's chart since the crash from $10,000 is "Showing strong signs of a Wyckoff Accumulation."
A Wyckoff Accumulation is a textbook chart pattern observed by legendary analyst Richard Wyckoff, which sees an asset fall into an accumulation range, then break higher to where it was prior to the drop.
Bitcoin is showing strong signs of a Wyckoff Accumulation on the 4h chart.
Per Survivalism's analysis, BTC is in the midst of Phase D of the textbook pattern, which will soon be followed by a rally to $9,800, then potentially even higher if bulls pick up the pace from there.
This pattern is especially notable because a Wyckoff Accumulation is what marked the bottom in December 2019, when the cryptocurrency plunged under $7,000 multiple times.
It isn't only the forming Wyckoff Accumulation that shows Bitcoin is ready to surge past $10,000.
Analyst: Bitcoin is printing the same pattern that marked December's $6,400 bottom
Published on Mar 5, 2020
by Cryptoslate | Published on Coinage
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