Cryptocurrency analyst Joao Wedson has commented on Bitcoin’s current market cycle, stating that the bull market is far from over even if BTC experiences further price declines.
Wedson, who has maintained a bearish stance for the past three months, now points to a lesser-known metric as a key indicator of Bitcoin’s strength: the Real Market Average Price.
According to Wedson, this metric excludes BTC from mining activity and has historically acted as a strong support level. Wedson recalled that Bitcoin held firm at this level during the 2021 China Ban-induced market crash and reached an all-time high months later. “The market is complex and unforgiving,” Wedson said, noting that most investors are often too late to make the right trading decisions.
Wedson, who is the CEO of cryptocurrency analytics firm Alphractal, warned that Bitcoin has entered what he calls a “Chained Bear Market,” a phase dominated by bearish signals. However, he believes that the real euphoria in this cycle is yet to emerge and suggests that there could still be significant upward movement. “When that happens, don’t hesitate to take profits, buy the green,” he told traders.
The analyst acknowledged that Bitcoin’s price could fall below $70,000 and potentially reach its Real Market Average Price of around $64,000. Despite this, he remains confident that the bull market is intact and that BTC’s dominance could pave the way for an altcoin rally soon. With stablecoins gaining traction, he predicts a major Altcoin Season in the next few months.
Wedson argued that, contrary to popular belief, macroeconomic trends currently have a weak correlation with Bitcoin’s price action. Even as traditional markets face turmoil, crypto markets will likely follow their own path. He also noted that the crypto space is extremely volatile, with corrections of 20%, 30%, and even 50% common in bullish cycles.
*This is not investment advice.
