{"id":410728,"date":"2023-06-21T19:00:25","date_gmt":"2023-06-21T19:00:25","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=410728"},"modified":"2023-06-21T19:30:40","modified_gmt":"2023-06-21T19:30:40","slug":"could-the-more-than-90-year-old-technical-analysis-theory-be-the-reason-for-btc-rally","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/could-the-more-than-90-year-old-technical-analysis-theory-be-the-reason-for-btc-rally","title":{"rendered":"Could The More-Than-90-Year-Old Technical Analysis Theory Be The Reason For BTC Rally?"},"content":{"rendered":"
Bitcoin (BTC) price appears bullish after almost two years of negative sentiments, price action, and news.<\/span><\/p>\n Many enthusiasts imply that the change is stimulated by the 90-year-old TA theory known as the \u2018Wyckoff Method\u2019 postulated by the late American Investor.<\/span><\/p>\n Traders believe prominent players like Charles Schwab\u2019s EDX Market, BlackRock, Citadel Securities, and Fidelity Digital Assets act as the ‘Composite Man mentioned in the TA theory.\u2019<\/span><\/p>\n Currently, Bitcoin is changing sentiments and rallying prices. This sudden change emerged due to certain positive news in the market after some days of regulatory clampdowns and uncertainty.<\/span><\/p>\n Some investment companies filed for spot BTC exchange-traded funds (ETFs). The first was <\/span>BlackRock<\/span><\/a>, the largest asset management firm globally.\u00a0<\/span><\/p>\n BlackRock filed for a Bitcoin Spot ETF with the United States Securities and Exchange Commission (SEC). Regardless of the ongoing SEC lawsuit, BlackRock is handling this transaction via Coinbase.\u00a0<\/span><\/p>\n EDX Market<\/span><\/a>s, a new crypto exchange backed by notable financial investors like Charles Schwab, Citadel Securities, and Fidelity Investments, also filed a Bitcoin ETF.\u00a0<\/span>Another investment firm that filed for a BTC Spot ETF is the NY-based asset management fund WisdomTree.\u00a0<\/span><\/p>\n On Wednesday, June 21, <\/span>WisdomTree filed a request<\/span><\/a>, asking the SEC to enlist its \u201cWisdomTree Bitcoin Trust\u201d among the Cboe BZX Exchange with the \u201cBTCW\u201d ticker.<\/span><\/p>\n Moreover, other crypto pundits believe that the cause of the price rally of Bitcoin<\/a> isn\u2019t only because of the fantastic investment news from huge investors.\u00a0<\/span>Some crypto analysts believe the rally was caused by an over-90-year-old TA theory.\u00a0<\/span><\/p>\n The changing market trend appears to surprise many crypto<\/a> investors, whereas a 90-year-old technical analysis theory predicted this would occur.\u00a0<\/span>This TA theory, called the \u2018Wyckoff Method,\u2019 was established in the 1930s by American stock market investor Richard Wyckoff.\u00a0<\/span><\/p>\n He was one of the founding fathers of technical analysis. He created his theory that retail traders should act like an imaginary entity, the Composite Man, who controlled the market. <\/span>The Composite Man, explained by Wyckoff, was institutional traders, or prominent actors, also called \u2018Smart Money.\u2019\u00a0<\/span><\/p>\n The institutional traders would accumulate assets at low prices, and when they\u2019ve sufficiently established a position, they reveal their presence through price markup.<\/span><\/p>\n In addition to trailing Wyckoff\u2019s Accumulation Pattern, the sudden rally in price action appears close to recent investment moves made by institutional investors like BlackRock, <\/span>Citadel Securities<\/span><\/a>, Charles Schwab, <\/span>Sequoia Capital,<\/span><\/a> and <\/span>Fidelity Digital Assets<\/span><\/a>.\u00a0<\/span><\/p>\n Traders are now suspicious whether these investors could be acting as the \u2018Composite Man\u2019 referred to by Richard Wyckoff.\u00a0<\/span><\/p>\n \n <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"Positive Investment News and Actions Cause Bitcoin Price to Rally Up to 28,000<\/h2>\n
The Wyckoff Method and Its Impact on BTC Price Action<\/h2>\n