The CEO of the cryptocurrency analysis company Alphractal, Joao Wedson, recently predicted that Bitcoin could drop below $65,000, a statement that resonated broadly in the crypto markets. However, with the recent strong rise, Bitcoin has surpassed the $85,000 level. Following this surge, Wedson provided a new assessment.
Wedson stated in a statement he made via social media that he has asked whether many people have changed their minds, and he included the following expressions:
“We still do not disregard the possibility of Bitcoin falling below 65,000 dollars. Many metrics indicate that this level is a strong support area. Especially, True Market Mean Price and Alpha Price are positioned around 64,700 dollars.”
Wedson also reported that the CVDD Channel showed support at 66,300 dollars and that the next significant level is around 61,000 dollars. He noted that the Active Realized Price, which has been acting as support throughout 2024, is currently at the level of 70,200 dollars.
Wedson, who also pointed out market behaviors, made the following evaluations:
“Miners and short-term investors are selling. We still haven’t seen a clear accumulation signal. This also indicates that the process we are in could be a redistribution phase.”
The CEO of Alphractal, emphasizing that his views on the altcoin season have not changed, stated that Bitcoin is likely to reach its peak around mid-October and that altcoins could continue their rise until November or even December.
Wedson pointed out with the following words that the Alpha metrics they use in their analyses are generally based on non-public, institutional-level analyses:
“We caught the bottom level in the FTX collapse and Bitcoin’s last peak on the exact day. We shared these in real-time with our community.”
He gave a cautious optimism message for altcoins:
“Many altcoins may still show a decline due to long position accumulation. However, some new projects may start to rise at any moment.”
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