This week I will be looking at the technical patterns currently engulfing Bitcoin and I will also tie together the DeMark indicator with the patterns in order to give some Bitcoin price projections.
Last week I discussed the many positive signs on-chain indicating positivity for Bitcoin. I am happy to say the technical picture now compliments the on-chain outlook.
Source: Investopedia.com
Starting with the Wyckoff pattern that I have been pointing out in my Biyond Daily articles for many weeks. It certainly appears this pattern really is in play now.
Source: Tradingview.com
At the moment we look to be in the "LPS STAGE" of the Wyckoff Accumulation phase. If this pattern is true and correct, which I believe to be, then Bitcoin should be oncourse for $74,000 in the next couple of weeks.
Source: Symbolik.com
Filtering in DeMark analysis, we also get the nice targets of $74,000 on the Daily time frame, and then even more attractive $84,000 on the weekly time frame.
Source: Symbolik.com
Studying closely the Wyckoff pattern that is paying out, both are imminent targets before we see a pullback, as to fit with the "SOS Stage"
DeMark analysis gets even more interesting if we dig into the ultimate objective on the weekly time frame, which is a mouth-watering $111,000.
Source: Symbolik.com
This compares favorably with the "Phase E" and final stage of the Wyckoff pattern, where a final and almost parabolic upmove should be expected.
Source: Investopedia.com
Another pattern that fits somewhere in between both the above analysis is the inverted head and shoulders pattern that is quietly playing out across the lower time frames.
Source: Tradingview.com
The pattern is showing that a move towards $70,000 is likely, and if Bitcoin breaks that level, then $85,000 should be the expected target.
Source: Symbolik.com
Just in case you were wondering, the DeMark indicator shows the $62,400 level as the loss of control for bulls on the daily time frame and the point to be wary of if the price holds under this area.
As things stand my long-held view (have held this target since 2023) of Bitcoin hitting $90,000 and possibly a bit higher, looks very good.
