Joao Wedson, founder of cryptocurrency analysis company Alphractal, made statements evaluating Bitcoin’s recent price movements. Wedson pointed out that Bitcoin increased by exactly $10,000 after the re-accumulation and distribution schemes he shared 10 days ago. BTC is currently trading around the $109,000 level.
“I called the bottom just below $99,000 based on the Short-Term Holders Realized Price test,” Wedson said.
Stating that their short-term target is the $ 113,000 region, Wedson suggested that there is high liquidity concentration at this level and a possible bull trap can be established. However, he warned investors, claiming that now is not the time to enter new long positions: “The opportunity has passed. Now is the time to manage risk or catch strong jumps in some altcoins.”
Describing June 22 as a “bear trap,” Wedson said he expects a bull trap and then a new bear trap in the coming period. He predicted that after these fluctuations, there could be a final upward movement until the beginning of September, and then a long-lasting horizontal market period could follow.
*This is not investment advice.
