Bitcoin Market Insights from Joao Wedson

Cryptocurrency analyst Joao Wedson has provided insights into Bitcoin’s current market cycle, asserting that the bull market is far from over despite possible price declines.

Wedson, who has held a bearish outlook for the past three months, highlights the importance of the Real Market Average Price as a key indicator of Bitcoin’s strength. This metric, which excludes BTC from mining activity, has historically been a strong support level. He noted that Bitcoin maintained its position during the market crash induced by the 2021 China Ban and reached an all-time high shortly after.

> “The market is complex and unforgiving,” Wedson commented, emphasizing that many investors often act too late in making trading decisions.

As the CEO of cryptocurrency analytics firm Alphractal, Wedson warns that Bitcoin has entered a phase he describes as a “Chained Bear Market,” characterized by bearish signals. Nevertheless, he believes that significant upward movement is still possible and advises traders to capitalize on profit opportunities. “When that happens, don’t hesitate to take profits, buy the green,” he encouraged.

Wedson speculated that Bitcoin’s price may dip below $70,000, potentially approaching its Real Market Average Price of around $64,000. Despite this potential decline, he remains optimistic about the bull market’s sustainability and foresees that Bitcoin’s dominance could trigger an altcoin rally soon.

He predicts a major Altcoin Season in the coming months, especially as stablecoins gain traction.

Interestingly, Wedson argues that macroeconomic trends have a weak correlation with Bitcoin’s price movements. He believes that while traditional markets endure turmoil, crypto markets are likely to follow their own course. He also points out the inherent volatility in the crypto space, with corrections of 20%, 30%, and even 50% being common in bullish cycles.

This is not investment advice.