Cryptocurrency analyst Joao Wedson said in his latest assessment that a clear distribution process is at play on the short-term charts of Bitcoin (BTC).
According to Wedson, a structure consistent with the “Wyckoff Distribution Scheme” is forming in the market, and this is a sign of weakening in Bitcoin.
The analyst expressed his thoughts in his statement as follows:
Billionaires don't just get rich during booms. They build their wealth in two primary stages: accumulation and distribution. Bitcoin's chart is currently showing clear signs of a short-term distribution.
According to Wedson, market makers are shifting from BTC to altcoins during this period. As the accumulation phase in altcoins comes to an end, a structural bullish phase is about to begin:
“Mainstream media will soon start spreading optimistic news about BTC. But the smart money has already turned elsewhere.”
The analyst notes that Bitcoin has entered a weekly distribution phase and expects its performance to be weak or sideways, while altcoins are poised for a structural price increase.
*This is not investment advice.
