Bitcoin’s $113K Peak? Analyst Predicts Altseason After BTC Top

Bitcoin’s recent surge to a new all-time high of $111,807 has sparked debate about its future trajectory. Crypto analyst Joao Wedson predicts a potential local top for Bitcoin around $113,000-$114,000 in the near future. This prediction is based on two key observations. Firstly, a long-term trendline on the daily BTC chart has acted as resistance, causing multiple price rejections since early 2021. The previous all-time highs, both around $69,000 in 2021 and $108,786 more recently, also coincided with this trendline. Secondly, the Bitcoin Aggregated Liquidation Levels Heatmap indicates a pullback around the $110,000 level over the past six months, further supporting the $113,000-$114,000 prediction. Wedson’s analysis suggests that once Bitcoin hits this local top, an altcoin season could follow. Although Bitcoin’s dominance has recently increased, the prospect of an altseason remains a topic of discussion within the crypto community. However, the recent price correction, partially attributed to President Trump’s tariff threat, saw Bitcoin fall below $109,000, currently trading around $108,500. This correction, despite the overall positive market sentiment, highlights the volatility and uncertainty inherent in the cryptocurrency market. The analyst’s prediction highlights the interplay between technical analysis, on-chain data, and market sentiment in forecasting Bitcoin’s price movements, and the potential for altcoins to gain momentum following a Bitcoin peak.

(Source: https://bitcoinist.com/bitcoin-price-sustain-this-bullish-momentum-analyst/)