For months now, crypto investors have been asking if the Bitcoin (BTC) bottom is in. While the answer has mostly been no over the past few months, a number of analysts are becoming certain that the drop to $6,400 seen earlier this month was the final bout of decisively bearish price action this cycle.<\/p>\n
Cryptocurrency trader TraderXO recently remarked<\/a> that Bitcoin’s price action over the past few weeks is eerily resemblant of a textbook scenario laid out by legendary chartist Richard Wyckoff, who studied trends in markets.<\/p>\n XO suggested that BTC’s chart is currently shaping up to be the mirror image of an “Accumulation Schematic” depicted by Wyckoff. When applied to Bitcoin’s chart, the schematic suggests Bitcoin will rally to $8,000 by early next year, then crash to enter the high-$6,000s yet again, then break out past $8,000, then $9,000 by March of next year.<\/p>\n https:\/\/twitter.com\/TraderX0X0\/status\/48393984<\/p>\n It isn’t only TraderXO’s Wyckoff analysis that suggests that a bottom has formed on the Bitcoin charts and bulls are poised to take over.<\/p>\n Per previous reports from NewsBTC<\/a>, cryptocurrency trader Galaxy recently pointed out that Bitcoin’s one-day chart has printed a key bullish signal: an indicator tracking the asset\u2019s momentum has just printed a “buy” signal on December 22nd.<\/p>\n Guess what comes next.<\/p>\n I can give you a hit. <\/p>\n It starts with "bull" and ends with "market".$BTC<\/a> pic.twitter.com\/NXWXFaP309<\/a><\/p>\n — Galaxy (@galaxyBTC) December 23, 2019<\/a><\/p><\/blockquote>\nRelated Reading: Outrage Grows on Twitter as Youtube Continues to Flag Colossal Crypto Channels<\/a><\/h6>\n
Bull Signs Appear On the Charts<\/strong><\/h2>\n
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