Joao Wedson, CEO of cryptocurrency analysis company Alphractal, made remarkable statements about the Bitcoin market.
Wedson argued that Bitcoin’s historical cycle is still valid, and that the peak is likely to occur in October. However, he also warned that there could be serious volatility before then.
Wedson, who opposed comments claiming that the Bitcoin cycle was disrupted due to the influence of institutional investors, stated that he found this approach “naive.”
“Those who think that institutions are new to crypto are wrong; they have actually been around since the early years of Bitcoin. The only difference is that some of the data is now publicly available, but often with a lag,” Wedson said, arguing that the cycles are surprisingly accurate and consistent.
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Wedson noted similarities seen in the past: “May can catch many people off guard. For example, there are striking similarities between April 2021 and April 2023, and November 2021 and November 2022.”
Arguing that May was historically unpredictable, the CEO said that a new shock development such as China’s ban decision could occur again in 2021, but even such events would not disrupt the general cycle.
“Even if the worst-case scenario happens and the headlines say ‘Bitcoin is dead,’ there’s still time for a new high,” Wedson said. “We have 120 emotionally intense days ahead of us in July, August, September and October.”
Stating that the analysis made three months ago is still valid, Joao Wedson predicted that Bitcoin could peak between $143,000 and $146,000 in this cycle, in projections based on the performance of the current cycle.
*This is not investment advice.
