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Crypto Analyst Says This Bitcoin Top Signal Hasn’t Gone Off Yet — What To Know
The story has been somewhat the same for the price of Bitcoin over the past week, drifting further from its recently-notched all-time high of $111,814. On Friday, June 6, the premier cryptocurrency fell towards the $101,000 level, reflecting an uptick in the market volatility over the past few days. While the Bitcoin price has quickly recovered from this sudden downturn, there is still real concern about the market leader’s performance since reaching its record-high value. However, a new indicator suggests that the price of BTC might still have some time to run up to a new high. Analyst Predicts Four Months Of Opportunity For BTC In a recent post on the X platform, crypto expert Joao Wedson revealed that there might still be some degree of opportunity in the Bitcoin market. This observation is based on a model, which was accurate in predicting past all-time high prices for the world’s largest cryptocurrency by market capitalization. Related Reading: Traders Turn Bearish on Bitcoin Following High-Profile Political Tensions, Data Shows This revelation is based on the Max Intersect SMA Model (the blue line), which has accurately identified the tops of past Bitcoin cycles. According to Wedson’s post, this cycle top prediction model suggests that the price of BTC could still have around four months of upward growth potential — regardless of the volatility and market shakeout. As seen in the chart above, the price of Bitcoin reaches its current cycle peak whenever the Max Intersect SMA (simple moving average) hits the previous cycle top. In the 2021 cycle, the top prediction model hit the 2018 high of around $19,000 in November 2021, culminating in a then-all-time high of $69,000. Hence, when this Max Intersect SMA hits exactly $69,000 — the price top in the last cycle, that will represent the peak of this current cycle. Wedson also asserted that this model is pretty reliable, as it is backed by 200 tested algorithms. With this top prediction model still a bit off $69,000, the Bitcoin price might still be some months away from its peak. Bitcoin Price At A Glance As mentioned earlier, the price of BTC seems to be struggling after recently hitting its current all-time high above the $110,000 mark. This week’s performance must have tested investors’ patience as the flagship cryptocurrency mostly traded within a consolidation range. Related Reading: Ethereum Stabilizes After Market Drop – Key MA Reclaim Could Trigger A June Rally According to data from CoinGecko, the BTC price is up by a mere 0.2% in the last seven days. As of this writing, Bitcoin is valued at around $104,400, reflecting an over 2% price increase in the past 24 hours. Featured image from iStock, chart from TradingView
Can Bitcoin Price Bounce To $120,000 Or Will It Break Below $100,000?
The Bitcoin price has continued to trade sideways since hitting a new all-time high (ATH) of $111,900 earlier in May. Amid the current price action, crypto analyst Decode has provided insights into whether the leading crypto will rally to $120,000 or drop below $100,000 next. Analyst Reveals What’s Next For The Bitcoin Price In an X post, Decode shared an accompanying chart in which he made an ABC wave analysis of the current Bitcoin price action. Based on his analysis, the leading crypto is expected to drop below $100,000 before it rallies to a new ATH of $120,000. The chart showed that BTC could fall to as low as $96,500 on the Wave B corrective move. Related Reading: Bitcoin Price Bounces Off Re-Accumulation Zone: Why $120,000 Could Be Next This drop to $96,500 is expected to happen this month. Once that is done, Decode predicts that the Bitcoin price could rally above $120,500 before the end of July. This will mark the Wave C impulsive move to the upside. This aligns with veteran trader Peter Brandt’s prediction that BTC could reach as high as $150,000 by late summer. However, crypto analyst KillaXBT has predicted that the Bitcoin price could hit the $120,000 target by mid-June. This coincides with the June FOMC meeting, which is scheduled for June 17 and 18. A Fed rate cut could serve as the catalyst for such a parabolic rally from the current BTC price level. According to CME FedWatch data, there is a 97.4% chance that the Fed would keep interest rates unchanged. As such, market participants aren’t expecting a rate cut, which is why the Bitcoin price could pump massively if Jerome Powell and the FOMC were to surprise everyone. Moreover, US President Donald Trump yesterday urged the Fed to cut rates by a full point. A Breakout Might Be On The Cards In an X post, crypto analyst Titan of Crypto suggested that a breakout could be imminent for the Bitcoin price. He noted that BTC is progressing inside a 4-hour falling wedge, which indicates a bullish reversal pattern. If confirmed, the analyst stated that the breakout could target the $107,500 and $109,500 zones, which are the Fibonacci confluence areas. Related Reading: Crypto Analyst Puts Bitcoin Price At $120,000 If This Range Breakout Happens Crypto analyst Kevin Capital highlighted the solid V-shape recovery for the Bitcoin price after the leading crypto dropped to as low as $100,000 on May 5. However, the analyst noted that BTC’s rebound back to the $105,000 zone won’t matter until it breaks above the $106,800 level. The leading crypto must also show actual follow-through with 3-day to 1-week closes to support a breakout. At the time of writing, the Bitcoin price is trading at around $105,000. Up over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image from Getty Images, chart from Tradingview.com
Watch Out For These Levels If Bitcoin Price Returns To $100K: Blockchain Firm
The Bitcoin price has not had quite the same spark it did at the beginning of the last month so far in June. The premier cryptocurrency has somewhat struggled to break out of a consolidation range since reaching a new all-time high in the month of May. The Bitcoin price recently succumbed to bearish pressure, falling to around $101,000 on Friday, June 6. While the market leader has enjoyed some resurgence to begin the weekend, a prominent blockchain firm has now identified significant levels in the event of a return to the $100,000 level in the coming days. Here Are The Next Support Levels For BTC In a June 6 post on the social media platform X, crypto analytics firm Sentora (previously known as IntoTheBlock) revealed an interesting on-chain perspective on the price of Bitcoin and its latest dip toward $100,000. According to the intelligence platform, there are some significant levels lying just beneath the six-figure valuation threshold. This analysis is based on the average cost basis of several Bitcoin investors and the distribution of the BTC supply around the current price. For context, cost-basis analysis basically evaluates the capacity of a price level to act as support or resistance, depending on the volume of crypto last acquired by investors at this level. As observed in the chart below, the size of the dots directly corresponds with the quantity of BTC purchased within each price bracket and the region’s capacity to act as support or resistance. This implies that the larger the dot, the higher the number of coins purchased, and the stronger the support or resistance level; the green dots are support (as they are usually below the current price), while the red dots serve as resistance (as they are above the asset price). According to data by Sentora, the Bitcoin price seems to have major support within the $95,000 – $99.000 region due to heavy accumulation by investors. This price zone would serve as an on-chain cushion for the Bitcoin price, as investors with their cost bases around the level are likely to defend their positions by acquiring more coins if the price falls toward the $95,000 – $99,000 zone. Sentora mentioned that if the bulls do defend this support level, the Bitcoin price could be in for an extended rally. On the flip side, the on-chain firm asked investors to expect a surge in volatility if this support level fails to hold. Bitcoin Price At A Glance As of this writing, the price of BTC sits just above $104,400, reflecting an almost 3% increase in the past 24 hours. Related Reading: Traders Turn Bearish on Bitcoin Following High-Profile Political Tensions, Data Shows Featured image from iStock, chart from TradingView
Crypto Analyst Says This Bitcoin Top Signal Hasn’t Gone Off Yet — What To Know
The story has been somewhat the same for the price of Bitcoin over the past week, drifting further from its recently-notched all-time high of $111,814. On Friday, June 6, the premier cryptocurrency fell towards the $101,000 level, reflecting an uptick in the market volatility over the past few days. While the Bitcoin price has quickly recovered from this sudden downturn, there is still real concern about the market leader’s performance since reaching its record-high value. However, a new indicator suggests that the price of BTC might still have some time to run up to a new high. Analyst Predicts Four Months Of Opportunity For BTC In a recent post on the X platform, crypto expert Joao Wedson revealed that there might still be some degree of opportunity in the Bitcoin market. This observation is based on a model, which was accurate in predicting past all-time high prices for the world’s largest cryptocurrency by market capitalization. Related Reading: Traders Turn Bearish on Bitcoin Following High-Profile Political Tensions, Data Shows This revelation is based on the Max Intersect SMA Model (the blue line), which has accurately identified the tops of past Bitcoin cycles. According to Wedson’s post, this cycle top prediction model suggests that the price of BTC could still have around four months of upward growth potential — regardless of the volatility and market shakeout. As seen in the chart above, the price of Bitcoin reaches its current cycle peak whenever the Max Intersect SMA (simple moving average) hits the previous cycle top. In the 2021 cycle, the top prediction model hit the 2018 high of around $19,000 in November 2021, culminating in a then-all-time high of $69,000. Hence, when this Max Intersect SMA hits exactly $69,000 — the price top in the last cycle, that will represent the peak of this current cycle. Wedson also asserted that this model is pretty reliable, as it is backed by 200 tested algorithms. With this top prediction model still a bit off $69,000, the Bitcoin price might still be some months away from its peak. Bitcoin Price At A Glance As mentioned earlier, the price of BTC seems to be struggling after recently hitting its current all-time high above the $110,000 mark. This week’s performance must have tested investors’ patience as the flagship cryptocurrency mostly traded within a consolidation range. Related Reading: Ethereum Stabilizes After Market Drop – Key MA Reclaim Could Trigger A June Rally According to data from CoinGecko, the BTC price is up by a mere 0.2% in the last seven days. As of this writing, Bitcoin is valued at around $104,400, reflecting an over 2% price increase in the past 24 hours. Featured image from iStock, chart from TradingView
Can Bitcoin Price Bounce To $120,000 Or Will It Break Below $100,000?
The Bitcoin price has continued to trade sideways since hitting a new all-time high (ATH) of $111,900 earlier in May. Amid the current price action, crypto analyst Decode has provided insights into whether the leading crypto will rally to $120,000 or drop below $100,000 next. Analyst Reveals What’s Next For The Bitcoin Price In an X post, Decode shared an accompanying chart in which he made an ABC wave analysis of the current Bitcoin price action. Based on his analysis, the leading crypto is expected to drop below $100,000 before it rallies to a new ATH of $120,000. The chart showed that BTC could fall to as low as $96,500 on the Wave B corrective move. Related Reading: Bitcoin Price Bounces Off Re-Accumulation Zone: Why $120,000 Could Be Next This drop to $96,500 is expected to happen this month. Once that is done, Decode predicts that the Bitcoin price could rally above $120,500 before the end of July. This will mark the Wave C impulsive move to the upside. This aligns with veteran trader Peter Brandt’s prediction that BTC could reach as high as $150,000 by late summer. However, crypto analyst KillaXBT has predicted that the Bitcoin price could hit the $120,000 target by mid-June. This coincides with the June FOMC meeting, which is scheduled for June 17 and 18. A Fed rate cut could serve as the catalyst for such a parabolic rally from the current BTC price level. According to CME FedWatch data, there is a 97.4% chance that the Fed would keep interest rates unchanged. As such, market participants aren’t expecting a rate cut, which is why the Bitcoin price could pump massively if Jerome Powell and the FOMC were to surprise everyone. Moreover, US President Donald Trump yesterday urged the Fed to cut rates by a full point. A Breakout Might Be On The Cards In an X post, crypto analyst Titan of Crypto suggested that a breakout could be imminent for the Bitcoin price. He noted that BTC is progressing inside a 4-hour falling wedge, which indicates a bullish reversal pattern. If confirmed, the analyst stated that the breakout could target the $107,500 and $109,500 zones, which are the Fibonacci confluence areas. Related Reading: Crypto Analyst Puts Bitcoin Price At $120,000 If This Range Breakout Happens Crypto analyst Kevin Capital highlighted the solid V-shape recovery for the Bitcoin price after the leading crypto dropped to as low as $100,000 on May 5. However, the analyst noted that BTC’s rebound back to the $105,000 zone won’t matter until it breaks above the $106,800 level. The leading crypto must also show actual follow-through with 3-day to 1-week closes to support a breakout. At the time of writing, the Bitcoin price is trading at around $105,000. Up over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image from Getty Images, chart from Tradingview.com
Watch Out For These Levels If Bitcoin Price Returns To $100K: Blockchain Firm
The Bitcoin price has not had quite the same spark it did at the beginning of the last month so far in June. The premier cryptocurrency has somewhat struggled to break out of a consolidation range since reaching a new all-time high in the month of May. The Bitcoin price recently succumbed to bearish pressure, falling to around $101,000 on Friday, June 6. While the market leader has enjoyed some resurgence to begin the weekend, a prominent blockchain firm has now identified significant levels in the event of a return to the $100,000 level in the coming days. Here Are The Next Support Levels For BTC In a June 6 post on the social media platform X, crypto analytics firm Sentora (previously known as IntoTheBlock) revealed an interesting on-chain perspective on the price of Bitcoin and its latest dip toward $100,000. According to the intelligence platform, there are some significant levels lying just beneath the six-figure valuation threshold. This analysis is based on the average cost basis of several Bitcoin investors and the distribution of the BTC supply around the current price. For context, cost-basis analysis basically evaluates the capacity of a price level to act as support or resistance, depending on the volume of crypto last acquired by investors at this level. As observed in the chart below, the size of the dots directly corresponds with the quantity of BTC purchased within each price bracket and the region’s capacity to act as support or resistance. This implies that the larger the dot, the higher the number of coins purchased, and the stronger the support or resistance level; the green dots are support (as they are usually below the current price), while the red dots serve as resistance (as they are above the asset price). According to data by Sentora, the Bitcoin price seems to have major support within the $95,000 – $99.000 region due to heavy accumulation by investors. This price zone would serve as an on-chain cushion for the Bitcoin price, as investors with their cost bases around the level are likely to defend their positions by acquiring more coins if the price falls toward the $95,000 – $99,000 zone. Sentora mentioned that if the bulls do defend this support level, the Bitcoin price could be in for an extended rally. On the flip side, the on-chain firm asked investors to expect a surge in volatility if this support level fails to hold. Bitcoin Price At A Glance As of this writing, the price of BTC sits just above $104,400, reflecting an almost 3% increase in the past 24 hours. Related Reading: Traders Turn Bearish on Bitcoin Following High-Profile Political Tensions, Data Shows Featured image from iStock, chart from TradingView