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Joao Wedson, CEO of cryptocurrency analysis company Alphractal, recently predicted that Bitcoin could fall below $65,000, a statement that had a wide impact on crypto markets. However, with the strong rise in recent days, Bitcoin has risen above the $85,000 level. Following this jump, a new assessment came from Wedson.
Wedson stated in a statement on social media that many people asked him if he had changed his mind and included the following statements:
“We still do not rule out the possibility of Bitcoin falling below $65,000. Many metrics show this level as a strong support area. In particular, True Market Mean Price and Alpha Price are positioned exactly around $64,700.”
Wedson also noted that the CVDD Channel is showing support at $66,300, with the next important level being around $61,000. He noted that the Active Realized Price, which has been working as support throughout 2024, is currently at $70,200.
Drawing attention to market behavior, Wedson made the following assessments:
“Miners and short-term investors are selling. We have not yet seen a clear accumulation signal. This suggests that the process we are in may be a redistribution phase.”
Emphasizing that his views on the altcoin season have not changed, the Alphractal CEO stated that Bitcoin will probably reach its peak in mid-October and altcoins may continue to rise until November or even December.
Wedson noted that the Alpha metrics they use in their analyses are generally based on institutional-level analyses that are not publicly available, and drew attention to this with the following words:
“We caught the bottom of the FTX crash and the recent peak of Bitcoin on the exact day. We shared them with our community in real time.”
He gave a message of cautious optimism for altcoins:
“Many altcoins may still decline due to long accumulation. However, some new projects may start to rise at any time.”
*This is not investment advice.