Bitcoin price has erupted to more than $55,000, clearing any downtrend resistance and potentially signaling that the bull run is back on. The move might have taken bears by surprise, however, the blueprint for what happened was created around 90 years ago. Here is a history lesson on Richard Wyckoff, Wyckoff theory, and how the market wizard born in the 1800s was able to predict the price action of a digital asset that didn’t debut until the 2000s. Everything You Need To Know About Rickard Wyckoff And His Theory Richard Wyckoff was known, according to Wikipedia, as an American stock market investor. He also founded and acted as the editor of the Magazine of Wall Street in the early 1900s. Wyckoff himself was fascinated specifically in the underlying mechanics that caused trends to form or change. He spent much of his later career studying markets, and other investors of the time. Names of those he studied include Jesse Livermore, and JP Morgan. Related Reading | Ethereum Potentially Trades Inside Livermore Accumulation Cylinder Pattern Wyckoff believed in the idea of a “composite operator” or a singular mind that controls the ebb and flow of the market. Wyckoff then spent his final days in the 1930s examining the behaviors of this “composite operator” and came up with certain schematics that would tell traders if the market is in one of four distinct phases: accumulation, mark up, distributio...
