Bitcoin’s price has been bouncing around $116,000 lately, leaving some wondering if it’ll keep climbing. But one analyst thinks a big move is coming.
A Breakout Could Spark a Rally
Joao Wedson, CEO of Alphractal, says Bitcoin could be ready for a serious price increase. His prediction? A decisive break above $118,000.
The $117,000 Hurdle
Wedson points to $117,000 as a crucial level. Two of Alphractal’s indicators – the CVDD Channel and the Fibonacci-Adjusted Market Mean Price – suggest this price could act as resistance. These indicators have historically been pretty accurate at predicting Bitcoin’s support and resistance levels.
Understanding the Indicators
- CVDD Channel: This measures historical price floors and risk zones using coin destruction data and Fibonacci sequences.
- Fibonacci-Adjusted Market Mean Price: This combines the average market price with Fibonacci bands to pinpoint potential price expansion and value areas.
The Bottom Line: Wait for Confirmation
Both indicators suggest $117,000 might slow Bitcoin’s climb. Wedson advises investors to wait for a sustained break above $118,000 before jumping in. Only then will it be clear that the bull market is back on track.
Current Bitcoin Price
At the time of writing, Bitcoin is trading around $115,905.
