RATE Group | Wyckoff Study Suggests Bitcoin Bottom In, Price Could Pass $14,000
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Wyckoff Study Suggests Bitcoin Bottom In, Price Could Pass $14,000

19 Nov Wyckoff Study Suggests Bitcoin Bottom In, Price Could Pass $14,000

Posted at 12:12h in Bitcoin News by

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For the umpteenth day in a row, Bitcoin (BTC) has bled out. In fact, as reported by NewsBTC on Monday, the cryptocurrency fell as low as $8,000 last trading session, plunging by 5% as bulls failed to step in while bears asserted their dominance.

This bearish price action, which has been going on for months now — save for a few moments of reprieve — has made many wonder at which point Bitcoin will bottom. According to a popular crypto trader’s interpretation of a technical study by legendary chartist Richard Wyckoff, the bottom came in at $7,300.

Related Reading: Bitcoin Fixes This: Top Bank Chief Says Monetary Policy is Failing

Is the Bitcoin Bottom In?

Trader Coiner Yadox recently noted that Bitcoin’s price action from the long-term bottom of $3,150 established in December of 2018 until now looks much like a textbook Richard Wyckoff pattern, which is marked by a strong surge upward after a bear market, a double-top pattern, an accumulation throwback, and then a bullish…

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