The Bitcoin price struggle continued over the past week, reflecting the generally pessimistic sentiment in the digital asset market during the month of October. Despite the U.S. Federal Reserve’s decision to cut interest rates on Wednesday, October 29, the leading cryptocurrency fell below the psychological $110,000 level.
The naive response of the Bitcoin price and other large assets has raised concerns about the viability of the cryptocurrency market in the current cycle. Nonetheless, the prominent blockchain company CEO predicted that even if the bull cycle ends, there will still be just days left for the market leader to hit a new all-time high.
BTC could peak between $143,000 – $146,000: CEO
In an October 31 post on the The cryptocurrency expert has set the potential cycle peak for the flagship cryptocurrency at a price between $143,000 and $146,000.
This evaluation centers around the Max Intersect SMA model (blue line), which accurately identified the price peaks of the previous BTC cycle. Wedson’s analysis predicts that the Bitcoin price will soon reach new all-time highs (and cycle highs) as the cycle is currently in its final phase (distribution phase).
Source: @joao_wedson on X
According to the Alphractal CEO, the Bitcoin Smart Model price (blue line) has recently surged from around $60,000 and currently stands at $62,664. Wedson pointed out that this smart model’s price getting closer to the $68,000 region could be the exact day the Bitcoin price hits a new all-time high.
Wedson also highlighted the current sideways movement in the Bitcoin price as a result of exploring the market for liquidity up and down the current distribution phase. “Now many people are afraid of selling, and we are confident that we will shoot straight for $250,000, which is historically a typical feature of the distribution phase,” the cryptocurrency founder said.
Ultimately, Wedson warned that a bear market could arrive sooner than expected. Therefore, investors should approach the market cautiously.
Bitcoin price at a glance
As of this writing, the BTC price is around $110,120, up just 0.1% over the past 24 hours. Although the top cryptocurrency appears to be recovering significantly, the small gains in the last days are not enough to cover last week’s losses. The market leader is down more than 1% over the past seven days, according to data from CoinGecko.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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