Bitcoin’s price has been a bit wobbly lately, dipping below $101,000 last week after hitting a record high of $111,814. While it’s recovered somewhat, there’s still some uncertainty. But one analyst thinks there’s good news.
Four More Months of Growth?
Crypto analyst Joao Wedson believes Bitcoin could have another four months of upward movement. He’s using a model – the Max Intersect SMA Model – that he claims has accurately predicted past Bitcoin peaks.
This model looks at the intersection of simple moving averages. Basically, when the current cycle’s moving average hits the previous cycle’s high, that signals the current cycle’s peak. In 2021, it predicted the peak around $69,000 based on the 2018 high of roughly $19,000. Wedson says this model has been tested extensively (200 algorithms!) and is pretty reliable.
Since the model hasn’t hit the $69,000 mark yet, Wedson thinks Bitcoin still has some time before it reaches its peak for this cycle.
Bitcoin’s Recent Performance
Bitcoin’s price has been pretty flat recently, trading sideways after its record high. It’s only up about 0.2% in the last week, currently hovering around $104,400. While there was a slight 2% increase in the last 24 hours, the overall picture is one of consolidation. Investors are probably a little on edge.
