Bitcoin

when

Bitcoin remains shaky when writing, down 13% from its all-time high. However, despite the short-term uncertainty, one analyst on X remains bullish on the world’s most valuable coin, citing current developments from a technical perspective. 
<h2 id="is-bitcoin-inside-a-wyckoff-re-accumulation-phase">Is Bitcoin Inside A Wyckoff Re-accumulation Phase?</h2> 
Taking to X, the analyst&nbsp;<a class="editor-rtfLink" href="https://twitter.com/thescalpingpro/status/1783398036385006051" target="_blank" rel="noopener nofollow">believes</a> Bitcoin might be forming a Wyckoff Re-accumulation pattern on the daily chart. This means the coin could consolidate in a trading range before catapulting higher in the days ahead. 
<img loading="lazy" decoding="async" class="size-full wp-image-296679" src="https://bitcoinist.com/wp-content/uploads/2024/04/Screenshot165.png?resize=662%2C500" alt="BTC accumulating | Source: Analyst on X" width="662" height="500" srcset="https://bitcoinist.com/wp-content/uploads/2024/04/Screenshot165.png?resize=662%2C500?w=662 662w, https://bitcoinist.com/wp-content/uploads/2024/04/Screenshot165.png?resize=662%2C500?w=556 556w" sizes="(max-width: 662px) 100vw, 662px" data-recalc-dims="1"> 
Technically, the Wyckoff Re-accumulation pattern identifies a phase when it is assumed that big players, primarily whales, are quietly buying at a discount. Price action remains muted and inside a defined range whenever they do this. 
Currently, Bitcoin prices are inside a zone marked by support, at $60,000 on the lower end and all-time highs, at around $74,000 on the upper end. 
Though the momentum remains bullish, bulls’ failure to edge higher or dump below the psychological level suggests that some big players might be deliberately keeping prices at spot rates.&nbsp; 
This preview considers the failure of bears to confirm losses of April 13. Even though BTCUSDT prices are still trapped inside this bear bar, it is clear that bulls flew back to support prices. 
The only time sellers will be in control is if prices collapse below April 13 lows and $60,000 at the back of increasing volume. As it is, buyers have a chance and are trending inside a broad range, capped at $73,800. <a href="https://www.tradingview.com/x/cFP1BqB9/" rel="nofollow noopener" target="_blank"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/cFP1BqB9/" alt="Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView" width="1787" height="904"></a> 
<h2 id="is-btc-preparing-for-gains">Is BTC Preparing For Gains?</h2> 
Though optimism exists, the leg up would be sparked by technical but most fundamental factors. Following last weekend’s <a href="https://bitcoinist.com/bitcoin-etf-issuer-5-predictions-2028-btc-halving/" target="_blank" rel="noopener ">Halving</a> on April 20, the network’s daily emissions have decreased by 50%. With a reduced supply, the resulting scarcity could drive prices higher, assuming demand remains.&nbsp; 
However, whether this spike will occur in the next weeks or months remains to be seen. Once halving occurs, Bitcoin usually breaks previous all-time highs, in this case, $73,800. If this historical printout is respected, BTC could soar to fresh all-time highs by the end of the year. 
Increasing institutional adoption via spot Bitcoin exchange-traded funds (ETFs) will drive a big part of this expected. As of April 24, Lookonchain data&nbsp;<a class="editor-rtfLink" href="https://twitter.com/lookonchain/status/1783155250914046455" target="_blank" rel="noopener nofollow">shows</a>&nbsp;that GBTC decreased 538 BTC while BlackRock and other spot ETF issuers added 569 BTC.&nbsp; 
<img loading="lazy" decoding="async" class="size-full wp-image-296680" src="https://bitcoinist.com/wp-content/uploads/2024/04/GL8J67vbQAAt87E.png?resize=1024%2C768" alt="BTC accumulation by spot ETF issuers | Source: Lookonchain via X" width="1024" height="768" srcset="https://bitcoinist.com/wp-content/uploads/2024/04/GL8J67vbQAAt87E.png?resize=1024%2C768?w=2645 2645w, https://bitcoinist.com/wp-content/uploads/2024/04/GL8J67vbQAAt87E.png?resize=1024%2C768?w=560 560w, https://bitcoinist.com/wp-content/uploads/2024/04/GL8J67vbQAAt87E.png?resize=1024%2C768?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/04/GL8J67vbQAAt87E.png?resize=1024%2C768?w=879 879w, https://bitcoinist.com/wp-content/uploads/2024/04/GL8J67vbQAAt87E.png?resize=1024%2C768?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/04/GL8J67vbQAAt87E.png?resize=1024%2C768?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2024/04/GL8J67vbQAAt87E.png?resize=1024%2C768?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/04/GL8J67vbQAAt87E.png?resize=1024%2C768?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
Inflow has reduced, but assuming prices pick up,&nbsp;it is likely that&nbsp;more users will be keen to add BTC to their portfolios. This, as a result, could drive prices higher.&nbsp;&nbsp;

Bitcoin Accumulating, On Course Of Breaking $74,000 Despite Bear Scare: Analyst

Table of Contents

Bitcoinist

Other articles published on Apr 26, 2024

Top Cryptos to Buy Before Altcoin Season Ignites Price Rally

Slothana Presale Hits $15M and Enters Final Stage Amid Growing Industry Interest

US Senate candidate jumps into Coinbase vs SEC battle

Crucial Satoshi Nakamoto Message Shared by Bitcoiner Samson Mow

Ethereum Network Activity and Validator Trends

Blockchain Life Forum 2024 in Dubai: find out how to make the most of the current Bull Run

Join our free newsletter for daily crypto updates!