These Reddit users may be onto something, as it could be a pure coincidence that Wyckoff’s chart matches Bitcoin’s price action. On the other hand, ‘CryptoPorto’ could be drawing accurate and timely parallels between historical technical analysis and today’s volatile cryptocurrency market.
Cryptocurrency analysts like Fundstrat’s Tom Lee and Robert Sluymer still believe that Bitcoin is set for a bull run within the next few weeks. Earlier this week, Tom Lee assured for the umpteenth time that Bitcoin will reach $25,000 by the year’s end. Additionally, Bitcoin is currently sitting atop the $6500 support level which Tom Lee has noted to be a price of interest, due to the fact that it costs around $6500 to mine a single Bitcoin.
A recent string of positive news may also indicate that Bitcoin is ready for another round of growth. Yesterday’s SEC announcement caused the cryptocurrency market to jump by over 10%, easing regulation worries regarding the second largest cryptocurrency, Ethereum.
This announcement may indicate that U.S. regulatory bodies are willing to give the cryptocurrency market some regulatory leeway, a hope for many in the community.
However, time will only tell whether the cryptocurrency market is ready to move towards new heights, bypassing ATHs seen earlier this year.
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