It is accepted by almost all analysts that Bitcoin (BTC) will experience rises in the long run. However, as a result of the leading crypto money’s volatility and the low levels of the moon in recent days; It is seen as signs that it may retreat to the $ 8,000 level.
Richard Wyckoff knows as a technical analyst who leads many different forms of analysis. In the crypto money community, it is known for Wyckoff schemes. This analyst admits that Bitcoin is likely to go back towards $ 8,000.
A trader who shares the Wyckoff analysis; “Considering the responses to volumetric high screening; “It is quite difficult to compare the current state of Bitcoin with its movements in history, but we can see the leading crypto asset again at $ 8,000, perhaps $ 7,000, in a short time.”
Technical analysis of Bitcoin’s Richard Wyckoff is not the only sign that the withdrawal is near. This chart, which was shared by another analyst last week, contains the so-called “Gauss’s Channel” that shows the macro price movement of Bitcoin.
When we look at the signs of the channel in the last 5 years and the responses of Bitcoin in line with these signs, Bitcoin was withdrawn by 50% with each red color transition. The channel, which showed a red color before falling from $ 6,000 to $ 3,150 in 2018, likewise showed a red color just before Bitcoin retreated below $ 200 after $ 400 after 2014.
The price of Bitcoin has been stuck in the middle of $ 9,000 for weeks, although the channel has not yet shown a downward trend. The channel’s transition to red can be interpreted as a new disaster for Bitcoin.