A popular crypto strategist says that Bitcoin (BTC) has a major trend change ahead as we enter a new month.
Analyst Jason Pizzino tells his 283,000 YouTube subscribers that Bitcoin is closely following a Wyckoff accumulation pattern, which suggests that an asset is setting the stage for an incoming bull market.
According to Pitzino, Bitcoin appears to be in the final stages of its accumulation plan, indicating that BTC is gearing up for a markup phase, or period of price appreciation.
“This is the next key piece of the puzzle as we move into the grid [E]. I’d like another week or two of confirmation on the chart, put it on hold, and say Wyckoff’s rally has occurred, especially if it hits the 50% level, which is around $42,000.
Do I think we will go there tomorrow? No. Let’s hold our horses. We still need to test the low and mid $30,000s. And so it comes to an end. It’s not there yet. “
Looking at BTC’s potential price action for April, Pizzino says that BTC will rally above $30,000 this month. However, he highlights that BTC may struggle to take resistance between $32,000 and $34,000.
“March was an amazing month, pushing down, making high swing bottoms and breaking upside, so I think April could be the month we come to test the $30,000 and lower $30,000 area, so around $32,000, which is the previous low and the January 2022 support… will be an important part.
The midpoint is between the high and the zero point, so the $69,000 top is below zero. $34,500 in half. So there’s a lot of resistance on the way to that $40,000 level.
At the time of writing, Bitcoin is trading at $28,476.
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