The The bitcoin price war continued over the past week, reflecting the largely pessimistic sentiment in the digital asset market during the month of October. The leading cryptocurrency fell below the psychological $110,000 level despite the interest rate cut by the US Federal Reserve on Wednesday, October 29th.
The tame reaction of the Bitcoin price – and other major assets – has raised concerns about the viability of the crypto market in the current cycle. Still, a prominent CEO of the blockchain company has predicted that while the bull cycle may be coming to an end, the market leader could be just days away from a new all-time high price.
BTC may peak between $143,000 – $146,000: CEO
In an Oct. 31 post on the X platform, Alphractal founder and CEO Joao Wedson revealed that the price of Bitcoin could run up to a new all-time high in the short term. The crypto expert pegged the potential cycle top for the flagship cryptocurrency at a price between $143,000 and $146,000.
This evaluation revolves around the Max Intersect SMA model (the blue line), which has accurately identified the price peaks of previous BTC cycles. Wedson’s analysis expects the Bitcoin price to soon reach a new all-time high (and the cycle top), as the cycle is currently in its final stage (the distribution phase).
Source: @joao_wedson on X
According to Alphractal’s CEO, the price of the Bitcoin Smart Model (the blue line) recently jumped from around $60,000 and is now at $62,664. Wedson noted that as the price of this smart model approaches the $68,000 region, it could represent the exact day of a new all-time high for the Bitcoin price.
In addition, Wedson highlighted the current sideways movement of the Bitcoin price as a result of the market’s search for liquidity up and down during the current distribution phase. “Now many are afraid to sell, convinced that we will shoot directly to $250,000 – which historically is the classic signature of a distribution phase,” the crypto founder said.
Ultimately, Wedson warned that the bear market could come sooner than expected; therefore, investors should approach the market with caution.
Bitcoin price at a glance
At the time of writing, the price of BTC is around $110,120, reflecting just a 0.1% increase over the past 24 hours. While the top cryptocurrency seems to be recovering fairly, the small jump of the last day is not enough to cover the last week’s loss. According to data from CoinGecko, the market leader is down over 1% over the past seven days.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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