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The story has been somewhat the same for the price of Bitcoin over the past week, drifting further from its recently-notched all-time high of $111,814. On Friday, June 6, the premier cryptocurrency fell towards the $101,000 level, reflecting an uptick in the market volatility over the past few days.
While the Bitcoin price has quickly recovered from this sudden downturn, there is still real concern about the market leader’s performance since reaching its record-high value. However, a new indicator suggests that the price of BTC might still have some time to run up to a new high. Analyst Predicts Four Months Of Opportunity For BTC
In a recent post on the X platform, crypto expert Joao Wedson revealed that there might still be some degree of opportunity in the Bitcoin market. This observation is based on a model, which was accurate in predicting past all-time high prices for the world’s largest cryptocurrency by market capitalization. Related Reading Traders Turn Bearish on Bitcoin Following High-Profile Political Tensions, Data Shows 23 hours ago
This revelation is based on the Max Intersect SMA Model (the blue line), which has accurately identified the tops of past Bitcoin cycles. According to Wedson’s post, this cycle top prediction model suggests that the price of BTC could still have around four months of upward growth potential — regardless of the volatility and market shakeout. Source: @joao_wedson on X
As seen in the chart above, the price of Bitcoin reaches its current cycle peak whenever the Max Intersect SMA (simple moving average) hits the previous cycle top. In the 2021 cycle, the top prediction model hit the 2018 high of around $19,000 in November 2021, culminating in a then-all-time high of $69,000.
Hence, when this Max Intersect SMA hits exactly $69,000 — the price top in the last cycle, that will represent the peak of this current cycle. Wedson also asserted that this model is pretty reliable, as it is backed by 200 tested algorithms.
With this top prediction model still a bit off $69,000, the Bitcoin price might still be some months away from its peak. Bitcoin Price At A Glance
As mentioned earlier, the price of BTC seems to be struggling after recently hitting its current all-time high above the $110,000 mark. This week’s performance must have tested investors’ patience as the flagship cryptocurrency mostly traded within a consolidation range. Related Reading Ethereum Stabilizes After Market Drop – Key MA Reclaim Could Trigger A June Rally 1 day ago
According to data from CoinGecko, the BTC price is up by a mere 0.2% in the last seven days. As of this writing, Bitcoin is valued at around $104,400, reflecting an over 2% price increase in the past 24 hours. The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView Featured image from iStock, chart from TradingView