According to a famous analyst, it is time for a crisis for the bitcoin and cryptocurrency markets.
The pseudonymous trader known as Capo is telling his 140,000 Twitter followers that Bitcoin may still be in a Wyckoff build-up pattern, with BTC itself preparing for a major move to the upside when the pattern completes.
The Wyckoff method is a method of technical analysis that aims to determine whether high-net-worth investors are accumulating or selling an asset. The accumulation pattern highlights the period when institutional investors control the price of an asset in an attempt to buy at a discount.
According to Capo, Bitcoin may be forming a near-perfect Wyckoff chart of #2, which means that the bottom is almost there for the world’s largest crypto asset by market capitalization.
Contrary to what some prominent investors have said, the analyst is Doubtful Investors waiting on the sidelines will have the opportunity to buy BTC for around $20,000.
I am convinced that this is an accumulation. Do you really think the majority will get $25,000 or $20,000? “
Capo also highlights prolonged negative funding rates, as well as the lack of a sell signal from the widely followed Puell multi-indicator as reasons for the rally.
BTC dollars Financing and installments
Another reason I’m optimistic is that financing and premiums remain negative within this range.
The Puell Multi indicator showed a buy signal a few days ago. pic.twitter.com/tigu40eK7M
– il Capo from $NOIA (@CryptoCapo_) July 19, 2021
cipher parser pointing to Puell Multi – which divides the daily issuance value of BTC by the 365-day moving average of the daily issuance value – has not yet flashed the typical highest signal that had formed in previous bull markets.
Although Capo maintains a bullish stance on Bitcoin, it Warn That if BTC ends the week at less than $30K, things could get ugly.
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