The bullish outlook appears despite the ongoing Bitcoin sell-off, which is being led by the growing risks of a recession in the United States.
Bitcoin (BTC) is down over 4% in the past 24 hours, falling below $60K. However, a retest of $74,000 in the coming weeks is possible, at least based on a maturing Wyckoff reaccumulation pattern and increasing odds of three rate cuts by 2024’s end.
The Wyckoff reaccumulation pattern is a technical setup that identifies phases of consolidation and accumulation after a prolonged uptrend.
In this pattern, the price typically goes through nine critical phases, namely Preliminary Supply (PSY), Buying Climax (BC), Automatic Reaction (AR), Secondary Test (ST), Spring, Test, Last Point of Support (LPS) and finally, the Sign of Strength (SOS).
