Shock: Bitcoin may drop to 64 thousand, but the uptrend is not over yet
Amid concerns that Bitcoin's bull market may have ended, crypto analyst Joao Wedson has a different perspective.
According to him, even if Bitcoin drops to 64,000 USD, it is still not the end of the bullish trend.
Wedson stated that the Realized Price Index – excluding mining activities – is an important indicator of Bitcoin's strength.
During the crisis in 2021 when China banned cryptocurrency mining, Bitcoin held steady at this price level and reached an all-time high a few months later.
He commented: “The market is very complex and unforgiving. Most investors tend to act too late.”
The bear market “tightens” and the opportunity to reverse
Currently, Wedson warns that Bitcoin is in the “Tightening Bear Market” phase – a phase dominated by negative signals.
However, he believes that the peak of excitement has not yet arrived and there is a possibility that prices will break out strongly.
“When that happens, don’t hesitate to take profits” – Wedson advises investors.
Even though Bitcoin may drop to 64,000 USD, Wedson remains confident that the price increase will continue and BTC's dominance may pave the way for a strong growth of altcoins in the coming months.
He predicts that the “Altcoin Season” will arrive as stablecoins are increasingly favored.