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.
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).
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.
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.
