A popular crypto strategist says a major trend reversal is coming for Bitcoin (BTC) as we enter a new month.
Analyst Jason Pizzino tells his 283,000 YouTube subscribers that Bitcoin is closely following a Wyckoff accumulation scheme, suggesting that one asset is forming the basis for an incoming bull market.
According to Pizzino, Bitcoin appears to be in the final phase of the accumulation scheme, indicating that BTC is preparing for the markup phase or a period of rising prices.
“This is the next major piece of the puzzle as we move into phase (E). I want to get just another week or two of confirmation on the chart, and potentially we can put it to sleep and say that accumulation has occurred for Wyckoff, especially if we break above the 50% level, which is around $42,000.
I think we will arrive tomorrow? No. Let’s hold our horses. We have yet to test the low to mid $30,000 as well. So it’s coming to an end. It’s not there yet.”
Looking at possible BTC price action for April, Pizzino says that BTC may rally above the $30,000 level this month. However, he highlights that BTC may struggle to clear resistance between $32,000 and $34,000.
“March has been a phenomenal month pushing down, putting a reversal bottom higher and breaking higher, so I think April may be the month that we get to test the $30,000 area and the low $30,000 area. $30,000, so around $32,000, which is the previous lows and the January 2022 support… That will be a key area.
Then we have the midpoint between the maximum and the zero point, so $69,000 is the maximum, all the way to zero. Half is $34,500. So there is a lot of resistance on the way to that $40,000 level.”
At the time of writing, Bitcoin is trading at $28,476.
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