Bitcoin's Price Volatility Continues Despite 0.2% Weekly Gain

Bitcoin's price has been fluctuating over the past week, moving away from its recent all-time high of $111,814. On June 6, the leading cryptocurrency dropped towards the $101,000 level, indicating increased market volatility. Despite a quick recovery from this downturn, concerns remain about Bitcoin's performance since reaching its record-high value. However, a new indicator suggests that Bitcoin might still have room to grow to a new high.

Crypto expert Joao Wedson recently shared insights on the X platform, suggesting that there might still be opportunities in the Bitcoin market. This observation is based on the Max Intersect SMA Model, which has accurately predicted past all-time high prices for Bitcoin. According to Wedson, this model indicates that Bitcoin could have around four months of upward growth potential, despite recent volatility and market shakeouts.

The Max Intersect SMA Model suggests that Bitcoin reaches its cycle peak when the Max Intersect SMA hits the previous cycle top. In the 2021 cycle, the model predicted the 2018 high of around $19,000 in November 2021, leading to a then-all-time high of $69,000. Wedson asserts that this model is reliable, backed by 200 tested algorithms. When the Max Intersect SMA hits exactly $69,000, it will represent the peak of the current cycle. With the model still some distance from $69,000, Bitcoin's price might still be months away from its peak.

Currently, Bitcoin's price is struggling after hitting its recent all-time high above $110,000. This week, the cryptocurrency mostly traded within a consolidation range, testing investors' patience. According to data, Bitcoin is up by a mere 0.2% in the last seven days, valued at around $104,400, reflecting an over 2% price increase in the past 24 hours. Despite the recent fluctuations, the indicator suggests that Bitcoin might still have some time to run up to a new high, providing a glimmer of hope for investors.