Bitcoin (BTC) Enters Final Phase Of Wyckoff Accumulation

As Bitcoin (BTC) trades within striking distance of its all-time high (ATH) of $108,786, recorded earlier this year in January

As Bitcoin (BTC) trades within striking distance of its all-time high (ATH) of $108,786, recorded earlier this year in January, several indicators suggest that sustained bullish momentum could soon push the top cryptocurrency to new highs.

In a recent post on X, crypto analyst Ted Pillows highlighted that BTC has entered the final phase of the Wyckoff Accumulation pattern. According to Pillows, Bitcoin’s ongoing consolidation just above $100,000 is a “good sign.”

Pillows also pointed out that Tether recently minted an additional $2 billion in USDT, suggesting fresh liquidity may soon enter the digital assets market and boost its total market cap. He predicted that Bitcoin’s next leg up could propel the cryptocurrency past $120,000.

For the uninitiated, the Wyckoff Accumulation pattern is a technical analysis model that represents a period when large investors accumulate assets – in this case, BTC – at lower prices before a major uptrend. It typically unfolds in phases marked by price consolidation, false breakdowns, and a breakout signaling the start of a bullish trend.

Fellow crypto analyst Jelle echoed Pillows’ sentiments. In a separate post on X, Jelle shared the following monthly BTC chart, suggesting that the leading cryptocurrency is poised to enter price discovery once it breaks past its current ATH.

BTC could also benefit from a cascade of short liquidations if it clears critical resistance levels. For instance, seasoned analyst Ali Martinez identified $105,000 as a pivotal price point – surpassing it could trigger short liquidations amounting to $23.65 million.

Meanwhile, crypto analyst Titan of Crypto drew attention to Bitcoin’s Fair Value Gap (FVG) between $98,000 and $102,000. Commenting on BTC’s recent price stability, Titan said:

Yesterday, many were already calling for much lower price. Yet again, #BTC held strong with great reaction from the daily Fair Value Gap. As long as that zone holds, the setup remains bullish.