The Wyckoff Accumulation Technical Chart Template is the latest trend where we predict where the Bitcoin (BTC) price might head. Some analysts said that the recent drop in BTC below $29,000 points to a “spring” phase, which will soon be followed by higher gains.

BTC/USDT price vs Wyckoff accumulation model. Source: Twitter
While bulls debate the continuation of the bull market seen earlier in 2021, others are warning that the price of Bitcoin is not out of control yet, especially in the short term.

According to Philbfilb, an independent market analyst and co-founder of the Decentrader trading package, shark traders can get ahead of themselves and be wrong about the speed of recovery.

In particular, the Wyckoff model has been plotted several times over the past few weeks as Carter’s attempt to force price action to match their idea of ​​what’s coming next, likely ignoring other warning signals and avoiding data that doesn’t match their view. Viewable by Filbfilb.

He said,

“I’ve seen it plotted and plotted countless times over the past few weeks…but if there is a real bottom, there is usually some correlation between the magnitude of the downtrend and the time it takes to rework.”
GBTC threatens to destroy recovery
According to many, one of the biggest hurdles to a BTC recovery higher is the Grayscale Bitcoin Trust Unlock scheme, which shows a large amount of GBTC yet to be unlocked in mid-July.

As shown in the chart below, the biggest GBTC opening of the year will happen in July and could ease price pressures, especially since some of the previous important opening dates coincide with the high volatility of the BTC price in recent months.

Related: 3 Things Traders Are Saying About Bitcoin and the State of the Bull Market

Grayscale Bitcoin Trust Blocking Scheme. Source: bybt.com
Because of these potential headwinds, Philbfilb says what happens in the short term is “too early to respond because we didn’t find enough time at the bottom,” also suggesting it could take until the start of the fourth quarter. before the cycle unfolds.

Filbfilb sa,

“If it works, I think it looks like the graph I’m sharing with it, and it ends at the end of Q3/beginning of Q4, and we should probably see a new reversal at the bottom after testing the show…”

Source: CoinTelegraph

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