Bitcoin price struggles continued over the past week, reflecting the largely pessimistic sentiment in the digital asset market in October. On Wednesday, October 29, the premier cryptocurrency fell below the psychological $110,000 level despite the decision by the US Federal Reserve to cut interest rates.
The muted response of Bitcoin prices and other large assets has raised concerns about the viability of the crypto market in the current cycle. Nevertheless, the CEO of one prominent blockchain company predicted that while the bullish cycle may be nearing an end, market leaders may be just days away from hitting new all-time highs.
BTC could peak between $143,000 and $146,000: CEO
Joan Wesson, founder and CEO of Alpharactal, revealed in a post on the X Platform on October 31st that Bitcoin prices could reach all-time highs in the short term. Cryptocurrency experts have placed a potential cycle peak for the flagship cryptocurrency at a price between $143,000 and $146,000.
This evaluation revolves around the Max Intersect SMA model (blue line), which accurately identified the price peak of the previous BTC cycle. Wesson’s analysis predicts that the Bitcoin price will reach an all-time high (and the peak of the cycle) in the near future, as the cycle is currently in its final stage (circulation stage).
Source: @joao_wedson on X
According to Alpharactal CEO, the price of the Bitcoin Smart Model (blue line) has recently skyrocketed from around $60,000 and currently stands at $62,664. Wesson pointed out that if the price of this smart model approaches the $68,000 area, it could represent the day when Bitcoin prices hit a new all-time high.
Additionally, Wesson highlighted that Bitcoin prices are moving sideways as a result of the market moving up and down in search of liquidity during the current distribution stage. “Currently, many people are afraid to sell, and I am sure that it will soon reach $250,000. Historically, this is a typical characteristic of the distribution stage,” the cryptocurrency founder said.
Ultimately, Wesson warned that a bear market could arrive sooner than expected. Therefore, investors should approach the market with caution.
Bitcoin price overview
As of this writing, the price of BTC is around $110,120, reflecting an increase of just 0.1% over the past 24 hours. The major cryptocurrencies appear to have recovered quite a bit, but the slight gains from the previous day are not enough to cover the losses of the past week. The market leader has fallen more than 1% in the past seven days, according to CoinGecko data.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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