Cryptocurrency analyst Joanne Wesson assessed Bitcoin’s current price level against historical data and noted that the market may still be in a cyclical correction.
According to Wesson, there have been approximately 340 days in Bitcoin’s history that it traded at a level higher than its current price. This indicator stands out as a historical dominance indicator that measures not price momentum, but how strongly current levels hold compared to the past.
The analyst noted that looking at past cycles, major bear market bottoms typically occur when this number approaches the 700-800 day range. Wesson said such a period shows that the current price has not yet surpassed a significant portion of Bitcoin’s history, and the current situation is still far from that threshold.
According to Wesson, this suggests that Bitcoin’s cyclical correction process may not be complete yet. He said that if historical patterns repeat, it cannot be ruled out that Bitcoin could retest below its 2021 peak of around $69,000.
The analyst concluded his assessment by saying, “This is completely related to the logic of market cycles. It’s probably just a matter of time.”
*This is not investment advice.
