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It’s crunch time for Bitcoin and the crypto markets, according to a popular analyst.
The pseudonymous trader known as Capo tells his 140,000 Twitter followers that Bitcoin may still be in a Wyckoff accumulation pattern, with BTC setting itself for a big move to the upside when the pattern completes.
The Wyckoff method is a technical analysis approach that aims to identify whether big-money investors are accumulating or selling an asset. An accumulation pattern highlights a period where institutional investors are controlling an asset’s price in an effort to buy at discounted prices.
According to Capo, Bitcoin may be forming a near-perfect Wyckoff schematic #2, implying that the bottom is almost in for the world’s biggest crypto asset by market cap.
Contrary to what some high-profile investors have said, the analyst is doubtful that investors waiting on the sidelines will have a chance at buying BTC around $20,000.
“I am convinced that this is accumulation. Do you really think that the majority will get $25,000 or $20,000?”
Capo also puts the spotlight on the prolonged negative funding rates, as well as the lack of a sell signal from the widely-followed Puell Multiple indicator as reasons to be bullish.
$BTC funding & premium
Another reason I’m bullish is because funding and premium have remained negative throughout this range.
The Puell Multiple indicator showed a buy signal some days ago. pic.twitter.com/tigu40eK7M
— il Capo Of $NOIA (@CryptoCapo_) July 19, 2021
The crypto analyst points out that the Puell Multiple – which divides the daily issuance value of BTC by a 365-day moving average of daily issuance value – hasn’t yet flashed the typical top signal that it formed in previous bull markets.
Though Capo maintains his bullish stance on Bitcoin, he cautions that if BTC finishes the week under $30,000, things could get ugly.