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Bitcoin likely to return to $6,000 according to Wyckoff Logic

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Alexander Aryan
Alexander Aryan
After completing his Masters in Business Administration and Management from the California State University, Alexander dedicated his life into studying and writing about bitcoin and the technology behind it as he believes it to be the money of the future. Apart form being a writer, Alex is also a great speaker and loves to participate in blockchain events.

The price of the leading cryptocurrency may soon fall to $6,000 if Wyckoff logic is followed. The price of bitcoin is currently hovering at around $8,200. BTC tumbled late last month as it fell 13% in the space of 24 hours. Since then, it has managed to make a noticeable recovery, but trend analysts are still bearish on bitcoin.

The price of the leading cryptocurrency failed to maintain an upward momentum when it crossed above $10,000 mark a month ago. At the time of writing bitcoin is changing hands at $8,300. According to an analyst, since December 2018, BTC’s chart has looked precisely as defined by the four market phases in Wyckoff logic.

Wyckoff logic is a way of looking at markets created by prominent historical investor Richard Wyckoff. If the logic is followed, the price of bitcoin is likely to dive down to $6,000 mark or lower.

Timothy Peterson, an analyst at Cane Island Alternative Advisors, also predicted the same. He suggested that there is a clear relationship between the premium investors pay for OTC shares of Grayscale Bitcoin Trust (GBTC) and the cryptocurrency’s price.

Financial Survivalism noted last week that Bitcoin’s chart from the last week of September and until now has followed Wyckoff Accumulation pattern. Survivalism further stated that if this current pullback creates a higher low than Wyckoff Accumulation would be confirmed.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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