What Happened: Kevin Wadsworth, technical analyst and co-founder of Northstar & Badcharts, has predicted this Bitcoin BTC/USD bull market will reach its peak in October.
In an interview with Kitco News on Monday, Wadsworth said he believes that the crypto bull market will likely conclude before the end of the year.
“All 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 perhaps 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 reach its peak," he said.
Part of this belief comes from the Bitcoin dominance chart, which Wadsworth believes gives a “two-week warning” to signal the end of the bull market.
Read Also: Institutional Investors Now Hold $70B Of Bitcoin: Report
“With Bitcoin, perhaps my target is somewhere close to $100,000. Anything above that is a huge bonus,” he said.
“If we get to a $100,000 from here, which would be roughly a double, then I’d expect the altcoins, Ethereum and the rest, to triple, quadruple, and some of them even more than that.”
Price Action: Over the past few weeks, Bitcoin has consolidated between $47,000 and $50,000.
The leading digital asset lost 1.13% over the past 24-hours and was trading at a price of $47,320 at the time of writing.
Ethereum ETH/USD has gained 40% month-to-date.
At press time, the leading altcoin was trading at a price of $3,377, gaining 6.31% over the past 24-hours.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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