Bitcoin price has been stagnant for nearly a week now and despite decent volume levels, volatility remained extremely low. Hence it could be a clear indication that the token is accumulating huge strength to undergo a major price action in the coming days. Meanwhile, the bears also wait for an opportunity to cash out which may further hinder the progress of the rally to a large extent.
Despite the hindrance, the BTC price is believed to rise significantly to reach the required resistance and ignite a bullish rally at the beginning of 2023.
The BTC holders in recent times appear to have risen above the fear as the token has been incremental, after withstanding a huge panic selling phase. Now that the market sentiments are turning in favour of the bulls slowly, the possibility of a significant upswing emerges. Meanwhile, the rally continues to be under a deep bearish influence until the year’s end which may provide enough boosts to kick-start the year 2023.
The BTC price, since mid-June, has been trading along the bottoms and appears to be preparing for a new rally or new ATH before the bear cycle kicks in. The price appears to have traded within the Wyckoff accumulation phase and broke the crucial support between $28K and $30K to dump to $17.5K in June 2022. This was the climax of selling with a huge volume that attracted many bulls.
However, the BTC price again dropped further despite the bullish interference towards the same support zone making a secondary test. Although the token underwent a fake breakdown with double bottom accompanied by a bullish divergence with RSI, the BTC price appears to accomplish the Wyckoff phase very soon.
Therefore, considering the Wyckoff phase, the Bitcoin (BTC) price is expected to test $16,000 to 16,500 initially and then surge to $18,500 to $19,000. Furthermore, the price may reach $30,000 slicing the hurdles at $22,000, later at $26,000 and finally at $28,000