Crypto analyst Jason Pizzino has suggested that Bitcoin (BTC) might be in the early stages of a bull market following a consecutive six-week price increase. Another analyst, Inmortal, has issued a warning about a potential decline.
Pizzino indicated that Bitcoin is in the final stage of the Wyckoff consolidation pattern. This pattern shows that strong investors are in the process of accumulating a certain asset.
Highlighting that Bitcoin has closed six weeks in a row on the rise, which has made it difficult for bears in a downtrend, Pizzino stated that the Wyckoff pattern is likely in Phase E and is preparing to leave behind approximately 15 months of consolidation.
On the other hand, another crypto analyst named Inmortal thinks that Bitcoin could fall to as low as $33,000 in the short term, adding the comment, “Bears need to feed once in a while, don’t they?”
At the time of writing, Bitcoin is trading at $37,082 and has shown an increase of 0.62% in the last 24 hours. According to seven-day data, it has experienced a decrease of 0.80%.