Bitcoin price might reach nearly $37K in the future. The price of BTC is decoded and tracked using a strategy Wyckoff approach.
The cryptocurrency market as a whole, including Bitcoin, has had a terrible 2022. Furthermore, Bitcoin, the world’s biggest cryptocurrency, lost approximately 65% of its market value in 2022. In the past 24 hours, Bitcoin price has witnessed nearly 6% rise as per CoinMarketCap.
However, the price of Bitcoin has been on the rise since the beginning of this year. The recent multiple bank failures this year and rising interest rates boosted BTC prices as investors had lost faith in traditional banking institutions.
The leading cryptocurrency has seen its value rise and falls many times over the last several years. The Wyckoff approach is used by investors and traders to make sense of price movement. As it is often said and rightly so that price action is the best approach for any trader or investor.
BTC Price to Reach $37K
This strategy is useful for tracking the price of Bitcoin over time and spotting its many stages and patterns. The Wyckoff approach is basically classified into 7 stages and patterns as mentioned below.
- Preliminary Support (PS)
- Selling Climax (SC)
- Automatic Rally (AR)
- Secondary Test (ST)
- Phase B
- Spring Test
- Sign of Strength (SOS)
Here, we’ll examine Bitcoin’s recent ups and downs to better understand its current state and where it is likely to head by decoding the seven stages of the Wyckoff approach in simple terms.
Continue reading @TheNewsCrypto
Continue reading @TheNewsCrypto