CEO of Analytics Company Says "The Historical Cycle of Bitcoin Has Not Been Broken Yet", Reveals Price Prediction

Joao Wedson, CEO of the cryptocurrency analysis company Alphractal, made notable statements about the Bitcoin market. Wedson argued that the historical cycle of Bitcoin is still in effect and that a peak could occur in October. However, he also warned that there could be severe volatility before that time. Wedson, who opposes comments suggesting that the Bitcoin cycle is disrupted by the influence of institutional investors, claims that he finds this approach to be "naive". "Those who think that new organizations entering into cryptocurrency are wrong; in fact, they have existed since the early years of Bitcoin. The only difference is that some data is now public, but it often comes with a delay," Wedson said, arguing that these cycles are surprisingly accurate and consistent. Wedson notes the similarities seen in the past: "May can surprise many people. For example, there are striking similarities between April 2021 and April 2023, and between November 2021 and November 2022." Believing that May is a traditionally unpredictable month, the CEO stated that a shocking development like China's ban could happen again in 2021, but even such events would not disrupt the overall cycle. "Even if the worst-case scenario occurs and the headlines say 'Bitcoin is dead', there is still time for a new high," Wedson said. "We have 120 emotional days ahead in July, August, September, and October." Joao Wedson stated that the analysis conducted three months ago is still valid and predicts that Bitcoin could peak between $143,000 and $146,000 in this cycle, based on forecasts of the performance of the current cycle.