Based on the Wyckoff price model analysis applied in the image, it appears that Bitcoin is in the final stage of a major bull cycle. More specifically, we may be in the "Building Pre-Tension" phase before entering the final "Trend Continuation" phase, marking the peak of the cycle.
Key points:
Accumulation Phase: Bitcoin underwent a prolonged accumulation phase from 2020 to early 2021.
Fast Price Move: Bitcoin experienced strong rallies in 2021 and early 2023, corresponding to the "Fast Price Move" phases in the Wyckoff model.
Current Phase (Building Pre-Tension): Currently, Bitcoin seems to be in the "Building Pre-Tension" phase, setting the stage for a final upward push.
Prediction: According to the model, Bitcoin is likely to continue rising, surpassing $124,000 and establishing a new all-time high. After that, the market will enter a prolonged bear market (bear season).
Highly recommend HOLD and Stacking $BTC at Binance
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