Wyckoff distribution: the century-old method traders still use on Bitcoin

Richard Wyckoff published his market framework before the Great Depression, yet his distribution schematic remains one of the most referenced tools in crypto trading circles. This article breaks down how the method works, where it has appeared in Bitcoin price history, and what it actually tells traders about supply and demand. Summary Richard Wyckoff developed his market cycle theory in the early 1900s, dividing price action into four phases: accumulation, markup, distribution, and markdown. The distribution phase contains specific sub-events, including the buying climax, automatic reaction, secondary test, sign of weakness, and last point of supply, each signaling a gradual shift from demand to supply. Volume analysis sits at the center of the Wyckoff method, with traders comparing effort (volume) against result (price movement) to detect when large operators are offloading positions. Bitcoin has displayed patterns consistent with Wyckoff distribution at several major tops, most notably in the first half of 2021 before a 50% drawdown. The method has limits: it does not predict timing or targets, and forcing its schematics onto every chart without confirming volume evidence is one...