Bitcoin’s been trading sideways around $117,000-$118,000 lately, after a strong week. But one analyst thinks this could be a crucial moment.
Breaking Through Resistance
According to Joao Wedson, founder of Alphractal, Bitcoin faces a major hurdle between $118,900 and $120,000. He uses the Bitcoin Power Law model, which analyzes historical price trends to predict future movement without relying on speculation. This model identifies key support and resistance levels.
The key is what Wedson calls the “Alpha Price,” roughly $119,300. If Bitcoin can break through this price and stay above it, it signals a major shift, kicking off the next bull run. It won’t be easy though; Wedson expects some consolidation and potentially shaking out some investors before a decisive break above $120,000.
A Bullish Prediction
A sustained break above $120,000, according to Wedson, could send Bitcoin soaring to between $143,000 and $146,000 – the predicted peak for this cycle.
Current Bitcoin Price
At the time of writing, Bitcoin is hovering around $117,530, relatively unchanged in the last 24 hours but up about 9% for the week.
