A popular crypto strategist says a major trend shift is on the horizon for Bitcoin (BTC) as we enter a new month.
Analyst Jason Pizzino tells his 283,000 YouTube subscribers that Bitcoin is closely following a Wyckoff accumulation schematic, which suggests that an asset is forming the base for an incoming bull market.
According to Pizzino, Bitcoin appears to be at the final phase of the accumulation schematic, indicating that BTC is gearing up for the markup phase or a period of price rises.
“This is the next major piece of the puzzle as we head into phase [E]. I want to get just another one or two weeks of confirmation on the chart and potentially we can put it to bed and say the accumulation has occured for Wyckoff, especially if we get over the 50% level which is around $42,000.
Do I think we’re going to get there tomorrow? No. Let’s hold our horses. We still need to test the low to mid-$30,000 as well. So it’s coming to an end. It’s not there yet.”
Looking at BTC’s potential price action for April, Pizzino says that BTC may rally above the $30,000 level this month. However, he highlights that BTC may struggle to take out resistance between $32,000 and $34,000.
“March has been a phenomenal month, pushing down, putting a higher swing bottom and breaking out to the upside, which is why I think April may be the month that we come up to test the $30,000 and the low $30,000 area, so about $32,000, which is previous lows and support of January 2022… That is going to be a key area.
Then we have the midway point between the high and the zero point, so $69,000 is the top, all the way down to zero. Halfway is $34,500. So there’s a lot of resistance on the way up to that $40,000 level.”
At time of writing, Bitcoin is trading for $28,476.
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