Bitcoin’s value has dropped by 21.40% in the past month, reaching a record low of around $85,950. Despite this, some analysts remain optimistic about the cryptocurrency’s future, predicting a continuation of the bullish trend in 2025.
The Wyckoff reaccumulation model, a technical setup that follows a strong uptrend, is being closely watched by market analysts. This pattern typically plays out in nine phases, with Bitcoin currently in the “Test” phase, which involves retesting its support levels to confirm a bullish continuation towards $100,000.
Analysts believe that if Bitcoin can successfully test and then break above this level, it could trigger a new uptrend cycle. However, some experts note that the cryptocurrency may still be experiencing a long period of consolidation before rising decisively.
Bitcoin’s weekly charts show more price declines in the coming weeks, with the price likely to drop towards its 50-week EMA (exponential moving average) at around $76,390. This level aligns with a multi-year ascending trendline support and is currently being tested by the cryptocurrency.
A decisive close below this support confluence could accelerate the sell-off, while a rebound from Bitcoin’s interim support zone or the stronger support confluence near $76,390 could pave the way for a move towards $100,000. Ultimately, every investment and trading move involves risk, and readers should conduct their own research before making a decision.
Source: https://cointelegraph.com/news/bitcoin-price-top-is-not-in-wyckoff-model-100k-retest