Potential BTC Distribution Zone

The following VAs listed in the chart (left to right):

1. VA of current calendar year
2. VA of Wyckoff Distribution Top
3. VA of potential accumulation zone
4. VA of current and potential distribution zone

BTC is following a similar (granted smaller and faster) top pattern to the 2020 bull run and subsequent Wyckoff Distribution between 42K and 60K.

Buyers were unable to provide a liquidity shake significantly below 30K; the demand for 30K LP was larger than expected. Market makers accumulated a decreasing supply in the bottom of 3rd VA. The POC for the 3rd VA is almost identical to the POC for the current calendar year and confidence was built for a short-term intermediate move with short liquidations providing more potential upside.

I still have concern without seeing any relatively significant selling volume within the 4th VA, but would expect to see this in the upcoming days with a move down to 40-42K. I believe seller's ultimately will be unable to stay in control above 50K and the market will see impressive supply from underwater positions. In the long term, this will provide a key order block in a future more impressive buyer demanding market environment. Currently, the landscape while technically bullish does not appear to have any support from institutional buyers; with GBTC still being sold at a discount and whale wallets not clearly building position on-chain. My assumption is market makers will try to move the market price of BTC into a more value friendly zone between 18-25K.

In an effort to keep myself accountable and level headed, I believe this pattern is invalidated with any break above 50K and either explosive volume with high spread or consolidation above the current (4th) value area- in the 2nd VA.