Veteran Trader Peter Brandt Agrees To Bitcoin Accumulation Phase.
One of the most exciting things about Bitcoin is that it operates in cycles, leaving patterns for analysts to read. After hitting a new all-time high in Q4 2021, the top digital asset entered a new cycle phase – the accumulation phase.
Blockwise, a platform that provides on-chain metrics for Bitcoin, wrote in a tweet that Bitcoin goes through two phases after every “macro top,” like the over $60,000 that Bitcoin reached in 2021. The top crypto trader Peter Brandt agrees with this analysis which shows that Bitcoin is in the accumulation phase now.
— Peter Brandt (@PeterLBrandt) April 9, 2022
According to the above stats, Bitcoin takes two years in the accumulation phase before making new highs. Brandt agrees that BTC is in the accumulation phase and will enter the rocket stage in 2024.
According to Peter Brandt:
“The past two times BTC advanced 10X or more required an average of 33 months before the next stage of the rocket kicked in. If history repeats itself (which I do not believe it will), the next rocket stage will be ignited in May 2024.”
Bitcoin approaching floor price
According to Blockwise, Bitcoin has entered an accumulation phase nearly six months into it. This phase usually lasts approximately two years, but the first six months mark a floor price, a trend that has existed since 2014.
Bitcoin could be approaching this price now as it reaches nearly six months into the two-year accumulation phase in 2022.
Another analyst, PlanC, confirms this with his Accumulation Phase Floor Confirmation Cross. He says that the floor price of the accumulation phases came within 0-29 days of the last three crosses.
The floor #Bitcoin price of the accumulation phases was within 0-29 days, of the last 3 crosses 🚩
Last 3 times, resulted in a #BTC price drop to my Confluence Floor Model, currently at $27,681.
We had a cross 38 days ago. #Crypto
Captain, no splash… 🤷 pic.twitter.com/MOV1pzm6al
— Plan©️ (@TheRealPlanC) April 11, 2022
During these times, Bitcoin’s price dropped to its Confluence Floor Model price, which currently sits at $27,681. The model also shows that the cross already occurred 38 days ago, which means the floor price is long overdue. This may be indicating a shift from the trend, suggesting there will be no price drop this time, or the floor price may come much later than usual.
Bitcoin Fear and Greed Index confirms accumulation.
The Bitcoin Fear and Greed Index shows the dominant sentiment in the market concerning the asset at any point in time. Most investors are skeptical when there is fear because the price doesn’t look “promising.”
Bitcoin Fear and Greed Index is 32. Fear
Current price: $42,267 pic.twitter.com/60EqKWRapr
— Bitcoin Fear and Greed Index (@BitcoinFear) April 11, 2022
For smart investors, Mostly whales, this is usually the best time to accumulate, which whales are busy buying and holding BTC as price dips in the accumulation phase.