A Crypto Analyst Believes Bitcoin Is Entering a Bull Market
A popular crypto analyst, Jason Pizzino, suggests that Bitcoin is in the early stages of a bull market after experiencing six consecutive weeks of growth. According to Pizzino, Bitcoin is currently in the final stage of the Wyckoff accumulation schematic, which indicates that institutional investors are accumulating the asset.
Pizzino further explains that Bitcoin has closed six straight weeks on an upward trend, making it difficult for bears to remain bearish. He believes that the cryptocurrency is likely in Phase E of the Wyckoff pattern and is ready to leave behind the 15-month accumulation phase.
Analyst Inmortal Holds a Different View
However, another analyst known as Inmortal has a different perspective. Inmortal suggests that Bitcoin could potentially correct down to $33,000 in the near future. Despite this differing opinion, Bitcoin’s current value stands at $37,168.
Hot Take: Bitcoin’s Bullish Momentum Continues
While opinions may vary among analysts regarding Bitcoin’s short-term future, there is agreement that the cryptocurrency has been showing bullish signs. Jason Pizzino’s analysis points to Bitcoin entering a bull market after six weeks of consecutive growth and reaching the final stage of the Wyckoff accumulation schematic. This suggests that institutional investors are accumulating Bitcoin and preparing for a period of price rises. However, it remains to be seen whether Bitcoin will experience significant corrections or maintain its upward trajectory in the coming days.
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