Experienced Analyst Warns Against Bitcoin’s Surge: “The Picture Has Not Turned Optimistic Until It Exceeds This Level”
Cryptocurrency analyst Joao Wedson assessed Bitcoin price movements and warned investors to be cautious. Wedson noted that the liquidity zone between $104,000 and $105,000 has not yet been touched, raising the question, “Could $107,000 really be a local bottom?”
According to the Analyst, the Table Will Not Turn Optimistic Unless $116,000 Is Exceeded
According to the analyst, although the price has already broken above $114,000, $116,000 needs to be broken for the market to return to an optimistic outlook. On the downside, Wedson noted that the $110,400 level is critical, adding, “If $110,000 is lost, the next target could be $105,000.”
Wedson also stated that several indicators need to strengthen for Bitcoin to clarify its short-term direction. Accordingly, signals of a new peak in market dominance, the Buy/Sell Pressure Delta, the Sharpe Ratio, an increase in open interest, and on-chain reversal signals have yet to be confirmed.
*This is not investment advice.
