According to a prominent analyst, this is a cumulative time for Bitcoin and the crypto market.
The industry insider, known by the nickname Capo, told its 140,000 Twitter followers that Bitcoin could remain in a Wyckoff accumulation pattern, with BTC going to have a big uptrend once the pattern occurs.
The Wyckoff Method is a method of technical analysis that aims to determine whether large investors are buying or selling an asset. Accumulation patterns highlight periods when large investors control the price of an asset to buy at a discount.
According to Capo, Bitcoin may form a perfect Wyckoff pattern, suggesting that the benchmark cryptocurrency has almost bottomed out.
Source: Capo / Twitter
Contrary to what some other analysts have said, Mr. doubt that investors waiting on the sidelines have no chance of buying BTC for around $ 20,000.
“I firmly believe that this is an accumulation. Do you really think the masses will buy for $ 25,000 or $ 20,000? “
Capo cites the persistently negative funding rate and the offer of a buy signal from the Puell multiple indicator as reasons for optimism.
$ BTC Financing & premium
Another reason I’m optimistic is that funding and premium remained negative in this range.
The Puell Multiple Indicator showed a buy signal a few hours ago. pic.twitter.com/tugu40eK7M
– il Capo from $ NOIA (@CryptoCapo_) July 19, 2021
“Financing rate and premium from BTC.
Another reason I’m optimistic is that funding rates and premiums in this area have remained negative.
The Puell Multiple Indicator showed a buy signal a few days ago. “
The crypto analyst points out that the Puell Multiple – which divides the daily bitcoin issue in US dollars by the 365-day MA of the daily release value – has not yet produced the peak signal it has formed in the past few days .
Source: Capo / Twitter
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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