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.
Here is another Wyckoff Logic pic.twitter.com/WszntfYScl
— Moe (@Moe_mentum_) October 12, 2019
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.
1. Starting to look a lot like Wyckoff Accumulation. If this current pullback creates a higher low above $8,000 then I would consider it confirmed.
— Financial Survivalism (@Sawcruhteez) October 8, 2019