Bitcoin rally yet to peak until October, prominent technical analyst suggests
The co-founder of market technical analysis platform Northstar & Badcharts, Kevin Wadsworth, has said that Bitcoin’s rally will peak between September to late October this year.
Speaking to Kitco News, Wadsworth suggested that the peak will occur once technical indicators confirm a top while predicting the asset price will form a base of $40,000 before hitting a new level.
He projected that Bitcoin might top $100,000 as part of its bull run.
“I think the crypto bull market probably will conclude before the end of the year. All the crypto charts I’ve been drawing and looking at vary a little bit in timing between the third week of September and some of them perhaps into mid-October or even late October, so there’s this sort of four-week window there between late September and late October where I’d be looking for the crypto bull market to reach its peak,” said Wadsworth.
Wadsworth suggested that Bitcoin technical indicators at the moment are important to the bull market. He notes that it is important for the asset to remain above key moving averages as it makes his projection valid.
He projected that the price of Bitcoin would keep moving up based on historical price movement. Wadsworth argues that the asset’s peak is signaled by the dominance chart that provides an almost two weeks warning for the end of the cycle.
‘Bitcoin marginally bullish’
By the time of writing, Bitcoin was trading at $48,670, with the asset attempting to break the $50,000 barrier. Wadsworth indicated that he is currently marginally bullish about the asset.
However, he suggests that the asset will be more bullish if it breaks the $51,000 barrier. Based on the current price movement, the technical analysts notes that a force is exerting downward pressure on the price. He acknowledged that the asset might require an upward momentum to burst through the barrier.
Bitcoin embarked on a bull run early this year but corrected in May amid an increased crackdown from jurisdictions like China. Wadsworth also failed to rule out a Bitcoin price correction of up to 50% once the new all-time high price is attained.
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Text source: MCC.EXCHANGE
