Alphractal founder warns about Bitcoin's current cycle

According to Joao Wedson, founder and CEO of analytics platform Alphractal, most investors are oblivious to the fact that Bitcoin's current market cycle is running out of steam.

Wedson stated that technical indicators are signaling a decline in profitability in Bitcoin transactions. However, major players continue to accumulate the leading cryptocurrency.

However, at this stage, Bitcoin has become less attractive to institutions, as the profit potential has fallen and the risks have increased. Public interest in cryptocurrency is also waning, according to Wedson.

“Many market makers are currently operating in precisely this manner: partially selling Bitcoin and channeling stablecoins into altcoins. Even if the asset reaches new all-time highs—which is entirely possible—profitability will remain low, and the focus will shift to alternative coins.”

Wedson confirmed his alt-season prediction, explaining that most cryptocurrencies have much better fundamentals than Bitcoin. Their prices are relatively lower than their peaks, offering them greater potential for a future rally.

Earlier, analysts at the on-chain platform Glassnode stated that $111,400 per coin had become a new support level for the leading cryptocurrency. A drop in Bitcoin's price below this level could signal a shift to a bearish trend in the medium term.

Source: cryptonews.net