The Bitcoin ($BTC) market is reportedly approaching its conclusive leg up. As per Ali, a popular crypto analyst, the Wyckoff Method indicates the possibility of a final spike for Bitcoin before it enters the distribution period. The analyst reflected on this potential surge in a recent report.
Bitcoin to Potentially Experience Final Price Rally Before Entering Distribution Phase
Ali asserted that the on-chain statistics point toward the likelihood of a closing leg up ahead of starting its distribution phase. According to the Wyckoff Method, this denotes a significant opportunity for the traders. The Wyckoff Method classifies movements into 4 different phases. The respective periods take into account Accumulation, Fast Price Movement, Building Pre-Tension, and Trend Continuation. Each of the respective phases denotes shifts in the overall investor behavior and market sentiment.
The analyst considers these phases to be noteworthy before the accumulation. In the accumulation phase, Bitcoin consolidates within a strict range, highlighting resilient buying interest at minor levels. In the rapid price move, Bitcoin experiences a substantial breakout that pushes it into a phase that is increased by surged institutional interest and retail enthusiasm. Subsequently, Bitcoin again consolidates, raising momentum for additional leg up. Finally, the Trend Continuation Phase marks the possibility of exclusive highs.
Market Onlookers Expect Additional Gains
According to the crypto analyst, based on the market statistics, the Wyckoff Method points toward Bitcoin’s march toward the distribution phase. In the meantime, the top crypto asset has the potential to go through a last rally. Hence, the $BTC traders are advised to keenly look for additional gains.
