Bitcoin Analyst Predicts End of Bullish Accumulation Phase and Details April Forecast for BTC
According to renowned crypto analyst Jason Pizzino, the phase of bullish accumulation in Bitcoin (BTC) is nearing its end, a shift that may signal the inception of a new trend for the digital asset. Pizzino, who is popularly known for his detailed crypto projections and analysis shared with his 283,000 YouTube subscribers, explains that Bitcoin is currently following a Wyckoff accumulation schematic, a pattern that suggests that an asset is being set up for the incoming bull market.
The analyst highlights that BTC is now in the last phase of the accumulation schematic, indicating that the digital asset is preparing for the markup phase or a period of price appreciation. Pizzino notes that confirmation of the Wyckoff accumulation would mainly hinge on the price surging past the 50% level of $42,000. However, he cautions against jumping to conclusions as there is still a need to test the mid-$30,000 level.
Pizzino explains that the month of April may signal significant progress for BTC, as the digital asset might rally above the $30,000 level. However, the analyst highlights that BTC may have obstacles overtaking the resistance points between $32,000 and $34,000.
March has been an eventful month for BTC, with the digital asset experiencing a high swing bottom and breaking out to the upside, which is why Pizzino now believes that April may be the month when BTC comes to test the low $30,000 areas. Pizzino sees $32,000 as a key area of support since it represents the January 2022 lows and support. However, he also warns that the midway point between the high and zero point at $69,000 and zero, respectively, might have substantial resistance on the way up towards the $40,000 mark.
At the time of writing, Bitcoin trades at $28,476, and the market awaits its next significant move as it eyes the culmination of the bullish accumulation.
What is the Wyckoff Accumulation Schematic?
The Wyckoff accumulation schematic is a technical analysis tool utilized to identify changes in an asset’s trend. The application of the Wyckoff accumulation schematic makes it easier to find lucrative buying opportunities near the end of the accumulation phase.
According to the Wyckoff method, accumulation is the stage in which an asset’s buyers slowly accumulate it while the sellers control the price, creating a sound base for the upcoming bullish trend. The accumulation period goes through four phases: Markup, Distribution, Markdown, and Accumulation.
During the accumulation phase, the asset goes through a process of consolidation, where it remains in a range-bound environment until it breaks out of the consolidation range to commence the markup phase.
Several analysts follow the Wyckoff accumulation schematic, particularly in cryptocurrencies’ price movement, including Bitcoin. Crypto traders and investors tend to rely on technical analysis to identify accurate support levels and price trends, making it easier to make informed decisions.
Conclusion
Crypto analysts play a crucial role in providing guidance to traders and investors in the volatile digital asset market. Jason Pizzino’s projection on Bitcoin’s Wyckoff accumulation could be an indicator of a bull market shift, which, if confirmed, would provide an opportunity for investors to position themselves for profit-taking. As BTC approaches its next trend, it remains essential for investors to consider market volatility and make informed decisions.
