{"id":289698,"date":"2021-07-02T20:34:15","date_gmt":"2021-07-02T17:34:15","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-spring-wyckoff-groundhog-indicates-crypto-winter-may-last-another-6-weeks\/"},"modified":"2021-07-02T20:34:15","modified_gmt":"2021-07-02T17:34:15","slug":"bitcoin-spring-wyckoff-groundhog-indicates-crypto-winter-may-last-another-6-weeks","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-spring-wyckoff-groundhog-indicates-crypto-winter-may-last-another-6-weeks\/","title":{"rendered":"# Bitcoin spring? Wyckoff &#8216;groundhog&#8217; indicates crypto winter may last another 6 weeks"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a32e3d9a6309\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a32e3d9a6309\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-spring-wyckoff-groundhog-indicates-crypto-winter-may-last-another-6-weeks\/#GBTC_threatens_to_spoil_the_recovery\" >GBTC threatens to spoil the recovery<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin spring? Wyckoff &#8216;groundhog&#8217; indicates crypto winter may last another 6 weeks <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>The Wyckoff Accumulation technical chart pattern has become the latest trending topic when anticipating where the price of Bitcoin (BTC) may go next. Some analysts have said that BTC\u2019s recent dip below $29,000 signaled the \u201cSpring\u201d phase, which will soon be followed by a climb higher.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/64ad975b-a189-4aad-8889-ba64f4ff3e1f.jpg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT price vs. Wyckoff Accumulation model. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/KevinSvenson_\/status\/1409281158786031618\/photo\/1\"><em>Twitter<\/em><\/a><\/figcaption><\/figure>\n<p>While the bulls make the case for the continuation of the bull market trend seen earlier in 2021, others are warning that the price of Bitcoin is not out of the woods yet, particularly in the short term. <\/p>\n<p>According to Filbfilb, an independent market analyst and co-founder of the Decentrader trading suite, bullish traders may have gotten ahead of themselves and could be mistaken about the pace of recovery. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Wyckoff <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be the flavour of the month at the moment.  <\/p>\n<p>Over the years ive noticed that most people all do one main thing in common which is to assume that the accumulation will happen quicker than it actually does and ignore the size of the drawdown. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/bqWeFBVtV3\">pic.twitter.com\/bqWeFBVtV3<\/a><\/p>\n<p>\u2014 f i l \u20bf f i l \u20bf (@filbfilb) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/filbfilb\/status\/1410917839909920774?ref_src=twsrc%5Etfw\">July 2, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Notably, the Wyckoff pattern has been redrawn multiple times over the past couple of weeks as chartists attempt to have the price action match their view of what happens next, potentially ignoring other warning signs and avoiding data that doesn\u2019t fit their perspective, according to Filbfilb. <\/p>\n<p>He said, <\/p>\n<blockquote><p>\u201cI\u2019ve seen it drawn and redrawn countless times over the past few weeks&#8230; but if it is an actual bottom there tends to be some correlation between the size of the downtrend and the amount of time reaccumulation takes to occur.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"GBTC_threatens_to_spoil_the_recovery\"><\/span>GBTC threatens to spoil the recovery<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>One of the biggest barriers to a BTC recovery higher identified by many is the Grayscale Bitcoin Trust unlock schedule, which shows a large amount of GBTC yet to be unlocked in mid-July. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/<br \/>On July 12, Grayscale Bitcoin Trust (GBTC) will unlock 2 thousand BTC (~ $ 69M), and on July 17, another 16 thousand BTC (~ $ 550M) and investors will be able to sell their shares of the bitcoin trust, purchased in January (32k-42k $  for BTC).<\/p>\n<p>\u2014 Mr. Prosperity (@_i2288_) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/_i2288_\/status\/1410323519976656907?ref_src=twsrc%5Etfw\">June 30, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As seen in the chart below, the largest GBTC unlock of the year will occur in July and has the potential to put downward pressure on price, particularly since some previous big unlock dates coincide with major BTC price volatility in recent months.<\/p>\n<p><strong><em>Related<\/em><\/strong><em>: <\/em><em>3 things traders are saying about Bitcoin and the state of the bull market<\/em><\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/89896689-4a2a-444c-b58b-3ac086a10f32.jpg\"><figcaption style=\"text-align: center;\"><em>Grayscale Bitcoin trust unlock schedule. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bybt.com\/Grayscale\"><em>bybt.com<\/em><\/a><\/figcaption><\/figure>\n<p>Because of these potential headwinds, Filbfilb says that what happens in the near term is \u201ctoo early to call as we haven&#8217;t done enough time at the bottom,\u201d further indicating that it might take until early Q4 before the cycle plays out. <\/p>\n<p>Filbfilb <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/filbfilb\/status\/1410917842485223425\">said<\/a>, <\/p>\n<blockquote><p>\u201cIf it does play out I would think it looks like the chart I share with it finishing up late Q3 \/ early Q4 and we would probably see another swipe at the lows after retesting supply&#8230;&#8221;<\/p><\/blockquote>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-spring-wyckoff-groundhog-indicates-crypto-winter-may-last-another-6-weeks\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin spring? Wyckoff &#8216;groundhog&#8217; indicates crypto winter may last another 6 weeks &#8221; The Wyckoff Accumulation technical chart pattern has become the latest trending topic when anticipating where the price of Bitcoin (BTC) may go next. Some analysts have said that BTC\u2019s recent dip below $29,000 signaled the \u201cSpring\u201d phase, which will soon be&#8230;<\/p>\n","protected":false},"author":1,"featured_media":289699,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvNmM3YmI2ZWQtYmEwOC00ZGNkLTk1MGItZmQxNmIyYTY4ZWQyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74939,75150,73785],"class_list":["post-289698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-market-analysis","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/289698","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=289698"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/289698\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/289699"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=289698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=289698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=289698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}