Kevin Wadsworth, co-founder of market technical analysis company Northstar & Badcharts, believes Bitcoin’s advance will peak between September and late October this year.
Wadsworth told Kitco News that the peak will come whenever technical indications confirm a top, and that the asset price will build a base of $40,000 before reaching a new level.
He predicted that Bitcoin will reach $100,000 during its bull run.
“I believe the crypto bull market will expire before the end of the year. “All of the crypto charts I’ve been drawing and looking at vary a little bit in timing between the third week of September and some of them possibly into mid-October or even late October, so there’s this sort of four-week window there between late September and late October where I’d be looking for the crypto bull market to peak,” Wadsworth explained.
Wadsworth believes that Bitcoin technical indicators are critical to the bull market right now. He emphasizes the need of the asset remaining above key moving averages in order for his estimate to be valid.
Based on previous price movements, he predicted that the price of Bitcoin would continue to rise. According to Wadsworth, the asset’s peak is signaled by the dominance chart, which provides a nearly two-week warning for the end of the cycle.
‘Bitcoin is slightly positive.’
Wadsworth stated that he is currently slightly positive on the asset.
He believes the asset will be more optimistic if it breaks the $51,000 barrier. The technical analysts remark that a force is exerting downward pressure on the price based on the present price movement. He admitted that the asset could need to gain speed in order to break through the barrier.
Bitcoin began a bull run early this year, but it corrected in May due to intensified crackdowns from jurisdictions such as China. Wadsworth also did not rule out a Bitcoin price fall of up to 50% after the new all-time high is reached.