It focuses on the accumulation phase, in which institutions buy assets at lower prices in anticipation of potential upward price movements. Key elements include increased volume, bullish price action with higher lows and highs, and tests that confirm minimal selling pressure.
According to this prediction, the price of Bitcoin is currently in Phase D, where demand consistently exceeds supply. The latest episode was Bitcoin reaching the last points of supply (LPS) yesterday, where the price was pulled back after dropping almost 4% over the course of the day.
Now, the price is expected to reach at least the top of the trading range during this phase, but according to the price forecast, this top will be broken and the next for Bitcoin is Phase E.
This is when the major cryptocurrency may finally break its all-time high and go into price discovery to $85,000 per BTC and beyond, as can be seen on the attached chart. The expected date for Phase E is early November, when U.S. elections kick off.
For Raoul Pal, this is what “feels right.” Whether this will happen is hard to say, as nothing is set in stone in this market.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
