Capo: Bitcoin May Still Be In A Wyckoff Accumulation Pattern
According to widely-followed crypto analyst and trader known as Capo, Bitcoin may still be in a Wyckoff accumulation pattern, with BTC setting itself for a big move to the upside when the pattern completes.
Named after one of the five “titans” of technical analysis, The Wyckoff method, is a technical analysis approach that aims to identify whether big-money investors are accumulating or selling an asset. An accumulation pattern highlights a period where institutional investors are controlling an asset’s price in an effort to buy at discounted prices.
Bitcoin may be forming a near-perfect Wyckoff schematic #2, suggesting that the bottom is almost in for BTC, says Capo.
Despite of what some high-profile investors have said, the analyst is doubtful that investors waiting on the sidelines will have a chance at buying BTC around $20,000.
“I am convinced that this is accumulation. Do you really think that the majority will get $25,000 or $20,000?”
I am convinced that this is accumulation. Do you really think that the majority will get 25k or 20k?
The trader also highlights the prolonged negative funding rates, and the lack of a sell signal from the widely-followed Puell Multiple indicator as bullish signs.
The crypto analyst notes that the Puell Multiple – which divides the daily issuance value of BTC by a 365-day moving average of daily issuance value – hasn’t yet shown the typical top signal that it formed in previous bull markets.
