The Bitcoin price struggles continued over the past week, reflecting the largely pessimistic sentiment in the digital asset market in the month of October. The premier cryptocurrency dropped beneath the psychological $110,000 level despite the interest rate cut decision by the United States Federal Reserve on Wednesday, October 29.
The tame reaction of the Bitcoin price—and other large-cap assets—has raised concerns about the viability of the crypto market in the current cycle. Nevertheless, a prominent blockchain firm CEO has predicted that, although the bull cycle might be coming to an end, the market leader might just be days away from a new all-time high price.
BTC Could Peak Between $143,000 – $146,000: CEO
In an October 31st 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 put the potential cycle peak 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 peak), as the cycle is currently in its final stage (the distribution phase).
Source: @joao_wedson on X
According to the Alphractal CEO, the Bitcoin Smart Model price (the blue line) recently jumped from around $60,000 and now stands at $62,664. Wedson noted that once this Smart Model price gets close to the $68,000 region, that could represent the exact day of a new all-time high for the Bitcoin price.
Furthermore, Wedson highlighted the current sideways movement of the Bitcoin price as a result of the market hunting for liquidity up and down during the current distribution phase. “Now, many are afraid to sell, confident we’ll shoot straight to $250K — which, historically, is the classic signature of a distribution phase,” the crypto founder said.
Ultimately, Wedson warned that the bear market could arrive sooner than expected; hence, investors should approach the market with caution.
Bitcoin Price At A Glance
As of this writing, the price of BTC stands at around $110,120, reflecting a mere 0.1% increase in the past 24 hours. While the premier cryptocurrency seems to be recovering fairly, the last day’s slight jump is not enough to cover the past week’s loss. According to data from CoinGecko, the market leader is down by over 1% in the last 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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