Crypto analyst Joao Wedson, evaluating Bitcoin’s current price level in light of historical data, noted that the market may still be in a cycle adjustment phase.
According to Wedson, there are approximately 340 days in Bitcoin’s history when it traded at levels higher than the current price. This indicator stands out as a historical dominance metric that measures not the momentum of the price, but how strongly the current level has remained compared to the past.
The analyst noted that, looking at past cycles, major bear market bottoms typically occur when this number approaches the 700–800 day range. Wedson stated that such periods indicate that the current price has not yet surpassed a significant portion of Bitcoin’s history, and that the current situation is still far from that threshold.
According to Wedson, this suggests that the cyclical correction process in Bitcoin may not yet be complete. He stated that if the historical pattern repeats itself, the possibility of Bitcoin retesting levels below its 2021 peak of approximately $69,000 cannot be ruled out.
The analyst concluded his assessment by saying, “This is entirely related to the logic of market cycles. Perhaps it’s just a matter of time.”
*This is not investment advice.
