A well-known crypto strategist says a major trend shift is looming for Bitcoin (BTC) as we enter a new month.
Analyst Jason Pizzino told 283,000 YouTube subscribers that Bitcoin is closely following the Wyckoff Accumulation Chart, which indicates that the asset is forming the basis for an upcoming bull market.
According to Pizzino, Bitcoin appears to be in the final phase of its accumulation chart, which indicates that BTC is preparing for the tick phase, or period of price rally.
“This is the next major piece of the puzzle as we head into the phase [E]. I would like to get a week or two confirmation on the chart and we will probably put it to bed and say that accumulation has happened for Wyckoff, especially if we clear above the 50% level which is around $42,000.
Do I think we’re going there tomorrow? no. Let’s hold our horses. We still need to test $30k, too. So it has come to an end. It’s not there yet.”
Looking at the potential price movement of BTC for the month of April, Pizzino says that BTC could surge above $30,000 this month. However, it highlights that BTC may struggle to resist between $32,000 and $34,000.
“March was an exceptional month, pushing down, setting a higher swing low and a breakout higher, that’s why I think April could be the month we come to test the $30,000 area and the $30,000 low, which is around $32,000 ., which is the previous January 2022 lows of support… This will be a key area.
Then we have the midpoint between the top and the zero point, so $69,000 is the top, all the way to zero. Midway is $34,500. So there is a lot of resistance on the way to the $40,000 level. “
At the time of writing, Bitcoin is trading for $28,476.
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