Bitcoin (BTC) Peak: Wyckoff Distribution, 2013 Bull Run and Pi Cycle

[Btceth01]

The cryptocurrency market has experienced a strong shock in recent days, culminating in bitcoin’s flash crash to $30,000 yesterday.
While looking for the reasons for this extremely bearish price action, the cryptocurrency community saw several technical indicators and patterns that could be heralds of what was about to happen.
One of them is the Wyckoff distribution. This pattern is used in traditional financial markets to describe the peak of a bull market (distribution) or the bottom of a bear market (accumulation).
The interpretation by YouTube user @uncomplication, who compared the BTC price action from the last few months to the Wyckoff distribution, was particularly insightful. The most interesting fact is that the YouTuber published his analysis on April 25, 24 days before yesterday’s crash.
It is also worth recalling the signal that the community received about a month ago from the Pi Cycle Top indicator and the deepening fear on the market, which reached the extremely low value of 11 points. The Fear and Greed Index has recorded such extreme readings only 5 times in its history. Source