Ah, Bitcoin (BTC), that whimsical creature of the digital realm, has taken a tumble, plummeting by a staggering 21.40% over the past month, after reaching a dizzying height of approximately $109,300. One might say it has the grace of a drunken goose on ice!
Yet, amidst the chaos, a few brave analysts cling to optimism, like a cat to a tree, hoping for a bullish trend to gallop into 2025. 🐱👤
Wyckoff’s Mysterious Dance: A $100K Retest Awaits!
Enter the Wyckoff reaccumulation model, a technical setup that resembles a convoluted dance of consolidation and accumulation, following a vigorous uptrend. It’s like watching a group of confused dancers at a wedding—who knows what will happen next?
This peculiar pattern unfolds in nine key phases, each more bewildering than the last:
- Preliminary Supply (PSY)
- Buying Climax (BC)
- Automatic Reaction (AR)
- Secondary Test (ST)
- Spring
- Test
- Last Point of Support (LPS)
- And the grand finale—Sign of Strength (SOS).
As of this fine day, February 26, Bitcoin has waltzed into the “Test” phase of its Wyckoff pattern, as proclaimed by the independent market analyst, SuperBro. What a name! Sounds like a superhero, doesn’t it?
In this phase, Bitcoin is retesting its Spring phase low, around $85,950, as if it were a child testing the waters before diving in, hoping to confirm a bullish continuation toward its new Last Point of Support (LPS) near $96,780. Fingers crossed! 🤞
The Wyckoff reaccumulation framework anticipates a new uptrend cycle to commence once Bitcoin enters the final stage, the Sign of Strength (SOS). It’s like waiting for the last act of a play—will it be a tragedy or a comedy? 🎭
Recall the similar pattern in August 2024, which catapulted prices from $53,400 (Spring support) to $74,000 (LPS). A true rags-to-riches story!
Interestingly, analyst Vijay Boyapati reminisces about the same period in 2024 when Bitcoin was stuck in a $50,000-70,000 price range for eight long months, only to break free in November, coinciding with Donald Trump’s presidential victory. Coincidence? I think not! 🦅
He predicts another lengthy period of consolidation before Bitcoin rises decisively, declaring that the “top is not in” yet. How reassuring! 🙄
Is Bitcoin Already Bottoming Out?
Bitcoin’s weekly charts suggest more price declines are on the horizon, like a storm cloud looming over a picnic.
Notably, BTC’s previous corrections from local tops have led the price toward its 50-week exponential moving average (50-week EMA; the red wave). Currently, the EMA hovers around $76,390, down 15% from the current price levels. A real nail-biter!
Interestingly, the $76,390 level aligns with a multi-year ascending trendline support, which has been capping BTC’s downside attempts since November 2022. Meanwhile, the relative strength index (RSI) at 52.
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2025-02-26 15:00