Bitcoin (BTC) has just seen its craziest three-day period in literal years. For those who missed the memo, Friday saw the cryptocurrency market catch traders with their pants down, pushing digital assets sky-high in a matter of hours.<\/p>\n
At its peak on Saturday, Bitcoin<\/a> had surged by 42% in a 24-hour period, pushing from $7,300 to $10,500<\/a> in a jaw-dropping move, the fourth-largest daily rally in Bitcoin’s entire history and the biggest move of its kind since 2011. Crazy, right?<\/p>\n But, some analysts are floating the idea that the cryptocurrency is not yet out of the woods, despite the absolute intensity of the recent thrust to the upside.<\/p>\n An analyst going by “888Velvet” on Twitter recently noted<\/a> that he isn’t convinced by Bitcoin’s recent burst upward. He argued in the tweet below that his analysis indicates that Bitcoin may be trading in a textbook bearish pattern defined by prominent historical technician Richard Wyckoff. As Velvet pointed out, the recent rally, according to Wyckoff’s studies, might just be a “throwback” to a bull trend before an eventual breakdown, defined as a “markdown” by the analyst.<\/p>\n $BTC<\/a> #BTC<\/a> #BTCUSD<\/a><\/p>\n I'm not convinced with this weekly close guys, I'm sorry for not being bullish like everyone else. I guess somebody has to be the bear right? or at least have a Conservative approach<\/p>\n Here is something to keep in mind among all the bullish and hopium charts \ud83d\udc47 pic.twitter.com\/pNWo6PIO9Y<\/a><\/p>\n — \u1d20\u1d07\u029f\u1d20\u1d07\u1d1b \ud83c\udd99 MAXi \ud83c\udf0d (@888Velvet) October 28, 2019<\/a><\/p><\/blockquote>\nBitcoin Not in the Clear<\/strong><\/h2>\n
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