It could only be a matter of time before Bitcoin hits $ 11,000 and initiates the next phase of the bull run, as analysis has shown. And this despite the increasing bearish mood in this nascent market, as volatility remains low in anticipation of an outbreak.
Bitcoin could soon reach $ 11,000: re-accumulation analysis
Although Bitcoin may seem like an extremely unpredictable asset, like most other markets, it can be analyzed using traditional technical analysis techniques. One such technique that has gained popularity is the application of Wyckoff schemes to crypto charts. These schemes, created by the late prominent technical analyst Richard Wyckoff, suggest that all markets move in predictable patterns (accumulations, re-accumulations, and distribution). This means that users can benefit if they recognize these patterns early on. According to a crypto trader, Bitcoin is currently in a Wyckoff re-accumulation – a pattern that is traditionally in the midst of upward trends.
Not everyone believes in re-accumulation
However, not everyone is convinced that Bitcoin is currently being re-accumulated, especially with regard to volume data.
A crypto trader wrote in early July: “BTC: Struggles to see the arguments for re-accumulation versus distribution. If there is one, it is very weak. The volume profile is very meaningful in this entire area. “