Crypto analyst Joao Wedson, assessing the current price level of Bitcoin in light of historical data, noted that the market could still be in an adjustment phase of the cycle.
According to Wedson, there are approximately 340 days in Bitcoin’s history where it has traded at levels above the current price. This indicator stands out as a measure of historical dominance that measures not the momentum of the price, but how strongly the current level has remained relative 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 said such periods indicate that the current price has not yet exceeded a significant part of Bitcoin’s history and that the current situation is still far from this threshold.
According to Wedson, this suggests that Bitcoin’s cyclical correction process may not be over yet. He said that if the historical pattern repeats itself, the possibility of Bitcoin retesting levels below its 2021 high of around $69,000 cannot be ruled out.
The analyst concluded his assessment by saying: “This has all to do with the logic of market cycles. It may just be a matter of time.”
*This does not constitute investment advice.
