Mapping Bitcoin’s next move: Rally or reversal – Here are 4 possible outcomes

• The WYCOFoff formula predicts four possible bitcoin movements: one bull path and three bear trajectories.
• The sentiment on the market leaned towards the bull side because the sales pressure has decreased significantly.

Bitcoin [BTC]After the introduction of dominance over $ 100,000, he traded briefly under her for the first time since May 8. However, it regained this level.

The analysis shows that the asset still monitors the bidirectional path, and despite the price recovery, the fall and the rally remain.

The technical formula known as the Wyckoff model was used to analyze the potential movement of bitcoins and revealed four possible results.

Only one Bull Way – the altcoin assembly that will follow?

The first case is the bull scenario – also the only bull – referred to the “cycle of delay” and “altcoin rally”.

At this stage, Bitcoin would enter the storage and redistribution phase, essentially consolidation in the defined range of support and resistance.

During this period, bitcoin is usually purchased in large at reasonable prices, providing momentum for a assembly that could reach $ 140,000 and $ 146,000 in October.

This phase of bitcoin consolidation would probably cause the Altcoin season, many of which trends higher, potentially from July.

Three Bear Results could capture Bitcoins traders

The analysis also outlines three bear tendencies for bitcoins, each with similar properties.

At these stages, investors or open positions would face significant pressure, as prices will focus primarily on liquidity zones.

The first bear scenario shares similarities to the bull and involves similar consolidation. Instead of the outbreak above the level of resistance, Bitcoin would be plunged below, which violated the support of the consolidation range.

Two other bear scenarios include price trading to the level of resistance only once.

In one of these scenarios, the asset responds to resistance above and then moves to the side close to the side before it eventually breaks up.

In the latter case, Bitcoin maintains a bear attitude and is experiencing a sharp decline with minimal consolidation along the road.

Analyst Jao Wedson He notes that one scenario is decisive in determining the neutrality of bitcoins.

“The most interesting of the four scenarios is the first: if confirmed, it strengthens that BTC continues to follow its natural cycles, regardless of market narration.”

Investors accumulate despite uncertainty

Ambcrypto examined other market indicators to assess the potential direction of bitcoins.

As a result of a recent decline in prices, investors began to accumulate BTC in large volumes. When printing, replace Netflow data that monitors the tides and drains on centralized platforms, reflects a net purchase trend.

At the time of writing, approximately 1,400 BTC worth approximately $ 141 million was purchased and moved to private wallets.

This coincides with a significant drop in exchange reserves on bitcoins, indicating that less BTC is available on the stock exchanges.

Lower replaceable reserves could lead to an offer that can increase the price of asset in the long term.

Source: Cryptoquant

The Bull’s sentiment is also beginning to reflect on the derivative market. Purchase/Sales Recipient Ratio Coinglass It increased and sits at 0.98 at the time of printing.

The ratio above 1 would indicate that the volume of purchase exceeds the volume of sales in derivatives, which strengthens the growing bull momentum.