If This Textbook Bitcoin Bull Trend Plays Out, BTC Will Hit $11k in August

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It may be only a matter of time before Bitcoin hits $11,000 and kick-starts the next phase of this bull run, an analysis has shown. This comes in spite of the growing levels of bearish sentiment in this nascent market as volatility remains low in anticipation of a breakout. Bitcoin Could Soon Hit $11,000, Predicts Re-Accumulation Analysis While Bitcoin may seem like an extremely unpredictable asset, it can be analyzed using traditional technical analysis techniques like most other markets. One such technique that has gained popularity is applying Wyckoff schematics to the charts of cryptocurrencies. Created by the late prominent technical analyst Richard Wyckoff, these schematics suggest that all markets move in predictable patterns (Accumulations, Re-Accumulations, and Distribution). This means that users can profit if they identify these patterns early. According to one cryptocurrency trader, Bitcoin is currently in a Wyckoff Re-Accumulation, which is a pattern classically seen in the…

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