Bitcoin - Analysis
- a) Phase Analysis — Wyckoff Framework Phase 1 — Markup / Advance Rally Jan 2020 → Nov 2021 | $7,000 → $69,000 | +886% | 22 months Classic multi-stage bull impulse. The Jan 2021 Elon/institutional wave drove the first top near $64K (Apr 2021), followed by a brief consolidation, then a second extension to $69K in Nov 2021 — a textbook Buying Climax (BC) in Wyckoff terms. Volume divergence at the top confirmed distribution. Phase 2 — Markdown 1 (Primary Bear Leg) Nov 2021 → Jun 2022 | $69,000 → $17,600 | -75% | 8 months Clean impulsive waterfall. PSY (Preliminary Supply) confirmed at the $69K BC. Cascading liquidations — LUNA collapse (May 2022), 3AC/Celsius (Jun 2022) — accelerated the final flush to a Selling Climax at $17.6K. Phase 3 — DCB Relief Rally (Dead Cat Bounce) Jun 2022 → Aug 2022 | $17,600 → $25,200 | +43% | 2.5 months Classic post-SC automatic rally (AR) per Wyckoff, followed by a Secondary Test (ST). Bounded and rejected precisely at the $25K resistance. Be...