Bitcoin Surges 10% to $109,000 After Alphractal Founder's Prediction

Joao Wedson, the founder of cryptocurrency analysis company Alphractal, has provided a detailed evaluation of Bitcoin's recent price movements. According to Wedson, Bitcoin has surged by exactly $10,000 following the re-accumulation and distribution schemes he shared just 10 days prior. Currently, Bitcoin is trading around the $109,000 level.

Wedson accurately predicted the bottom just below $99,000 based on the Short-Term Holders Realized Price test. He also noted that the short-term target for Bitcoin is the $113,000 region, where there is a high concentration of liquidity and a potential bull trap could be established. However, Wedson cautioned investors, stating that the opportunity to enter new long positions has passed and that the current focus should be on managing risk or catching strong jumps in some altcoins.

Wedson described June 22 as a “bear trap” and expects a bull trap followed by a new bear trap in the coming period. He predicted that after these fluctuations, there could be a final upward movement until the beginning of September, followed by a long-lasting horizontal market period. This analysis suggests that while there may be short-term volatility, the overall trend for Bitcoin remains bullish in the near future. Wedson's insights provide a nuanced view of the current market conditions, emphasizing the importance of risk management and strategic investment decisions.