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Bitcoin price wars continued over the past week, reflecting the largely bearish sentiment within the digital asset market within the month of October. Despite the US Federal Reserve's rate of interest cut decision on Wednesday, October 29, the leading cryptocurrency fell below the psychological mark of $110,000.
The timid response of Bitcoin price – and other large-cap assets – has raised concerns in regards to the viability of the crypto market in the present cycle. Nevertheless, a outstanding blockchain company CEO has predicted that while the bull cycle could also be coming to an end, the market leader may very well be just days away from a brand new all-time high.
BTC Could Peak Between $143,000 and $146,000: CEO
In an October 31 post on the X platform, Alphractal founder and CEO Joao Wedson revealed that the worth of Bitcoin could reach a brand new all-time high within the short term. The crypto expert put the potential peak of the cycle for the flagship cryptocurrency at a price between $143,000 and $146,000.
This review revolves across the Max Intersect SMA model (the blue line), which has accurately identified the worth peaks of previous BTC cycles. Wedson's evaluation predicts that Bitcoin price will soon reach a brand new all-time high (and peak of the cycle) because the cycle is currently in its final phase (the distribution phase).
Source: @joao_wedson on X
According to the CEO of Alphractal, the worth of the Bitcoin Smart Model (the blue line) recently increased from around $60,000 and is now at $62,664. Wedson identified that when the worth of the Smart model gets near the $68,000 mark, this may very well be the very day of a brand new all-time high for the Bitcoin price.
Additionally, Wedson highlighted the present sideways movement in Bitcoin price in consequence of the rising and falling market chasing liquidity through the current distribution phase. “Now many are afraid of selling and are confident that we are going to shoot straight to $250,000 – which historically is the classic hallmark of a sales phase,” the crypto founder said.
Ultimately, Wedson warned that the bear market could arrive before expected; Therefore, investors should approach the market with caution.
Bitcoin price at a look
As of this writing, the worth of BTC is around $110,120, up just 0.1% within the last 24 hours. While the leading cryptocurrency appears to be recovering somewhat, last day's slight increase just isn’t enough to offset last week's loss. According to data from CoinGecko, the market leader has fallen over 1% within the last seven days.
The price of BTC within the day by day timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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