Crypto analyst says this bitcoin top signal has not disappeared yet – what should I know
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Bitcoin has been somewhat the same over the past week, with prices flowing further than the recent all-time high of $111,814 that did not match. On Friday, June 6, the Prime Minister’s cryptocurrency fell to the $101,000 level, reflecting the rise in market volatility over the past few days.
Although Bitcoin’s price has quickly recovered from this sudden decline, there is still real concern about the performance of market leaders since reaching record high values. However, a new indicator suggests that BTC prices may still have time to rise to new highs.
Analysts predict four-month chances for BTC
In a recent article on the X platform, cryptocurrency expert Joao Wedson revealed that the Bitcoin market may still have some level of opportunity. The observation is based on a model that accurately predicts past high prices for the world’s largest cryptocurrency in capitalization.
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This revelation is based on the maximum intersecting SMA model (blue line), which has accurately identified the top of the past Bitcoin loop. According to a post by Wedson, the highest predictive model of this cycle suggests that BTC’s price may still have upward growth potential of about four months, regardless of volatility and market vibration.
As shown in the figure above, whenever the maximum intersection SMA (simple moving average) hits the top of the previous cycle, the price of Bitcoin reaches the current cycle peak. In the 2021 cycle, the highest forecast model reached around $19,000 in 2018 in November 2021, and eventually reached $69,000 at the time.
Therefore, when this Max Intersect SMA amount is $69,000 (the price increase in the previous cycle) will represent the peak of the current cycle. Wederson also asserted that the model is very reliable because it is supported by 200 test algorithms.
Since this top forecast model still has no more than $69,000, the price of Bitcoin may be months away from its peak.
The price of Bitcoin is clear at a glance
As mentioned earlier, in its current all-time high of over $110,000, the price of BTC seems to be struggling. This week’s performance must test investor patience, as flagship cryptocurrencies are traded primarily within the consolidation range.
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According to Coingecko, BTC prices have risen only 0.2% over the past seven days. At the time of writing, Bitcoin is worth about $104,400, reflecting a price increase of more than 2% over the past 24 hours.
Featured images from Istock, charts for TradingView
