Crypto Analyst Says Bitcoin Bullish Accumulation Nears End, BTC April Forecast Reveals
A popular crypto strategist says a major trend shift is on the horizon for Bitcoin (BTC) as we enter a new month.
Analyst Jason Pizzino tells his 283,000 YouTube subscribers that Bitcoin is closely watching a Wyckoff accumulation pattern, which suggests an asset is forming the basis of an incoming bull market.
According to Pizzino, Bitcoin appears to be in the final phase of its accumulation pattern, indicating that BTC is preparing for the markup phase or a period of price increases.
“This is the next big piece of the puzzle as we go into phase [E]. I want to get another week or two of confirmation on the chart and potentially we can put it to bed and say the accumulation has happened for Wyckoff, especially if we get above the 50% level which is around $42,000.
Do I think we’ll get there tomorrow? No. Let’s hold our horses. We still need to test the low to mid $30,000s as well. So it’s coming to an end. It’s not there yet.”
Looking at BTC’s potential price action for April, Pizzino says that BTC could rise above the $30,000 level this month. However, he highlights that BTC may struggle to take out resistance between $32,000 and $34,000.
“March has been a phenomenal month, pushing down, setting a higher swing bottom and breaking out to the upside, which is why April could be the month we come up to test $30,000 and the low $30,000 area, so around $32,000, which are previous lows and support from January 2022… It’s going to be a key area.
Then we have the midpoint between the high point and the zero point, so $69,000 is the peak, all the way down to zero. Halfway is $34,500. So there is a lot of resistance heading up to that $40,000 level.”
At the time of writing, Bitcoin is trading at $28,476.
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