Bitcoin spring?Wyckoff “groundhog” indicates that crypto winter may continue for another 6 weeks

When predicting the price of Bitcoin, Wyckoff’s cumulative technical chart pattern has become the latest trend topic (Bitcoin) Can go to the next one. Some analysts said that the recent drop of BTC below $29,000 marks a “spring” phase, which will soon rise.

BTC/USDT price and Wyckoff cumulative model. source: Twitter

While the bulls have provided a reason for the continuation of the bull trend seen in early 2021, others have warned that the price of Bitcoin has not yet come out of the predicament, especially in the short term.

According to Filbfilb, an independent market analyst and co-founder of Decentrader’s trading suite, bullish traders may have been ahead of the curve and may misunderstand the pace of recovery.

It is worth noting that the Wyckoff pattern has been redrawn many times in the past few weeks because chart analysts try to make price movements consistent with their views on what will happen next, and may ignore other warning signs and avoid those that do not match their views Data, according to Phil Bu.

He says,

“In the past few weeks, I have seen it being drawn and redrawn countless times… But if it is a true bottom, there is often a gap between the size of the downward trend and the time required to re-accumulate. There is a certain correlation.”

GBTC may disrupt the recovery

Many people believe that one of the biggest obstacles to Bitcoin’s recovery is the unlocking schedule of the Grayscale Bitcoin Trust, which shows that a large amount of GBTC has not yet been unlocked in mid-July.

As shown in the figure below, this year’s largest GBTC unlock will occur in July, and it is likely to bring downward pressure on the price, especially because some of the previous large unlock dates coincide with the main fluctuations in the BTC price in recent months.

related: Three words from traders on Bitcoin and the bull market

Grayscale Bitcoin Trust Unlocking Schedule. source:

Due to these potential unfavorable factors, Filbfilb said that recent events “because we have not done enough time at the bottom, so it is too early to judge”, further indicating that the cycle may not end until the beginning of the fourth quarter.

Chorion Say,

“If it does happen, I think it looks like the chart I shared ended at the end of the third quarter/early fourth quarter. After retesting the supply, we might see another low point decline…”

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