The Bitcoin Prize has struggled to capitalize on its recent bullish momentum, oscillating in and around the level of $ 116,000 so far this weekend. This jerky price action has raised doubts about the potential of the flagship cryptocurrency to resume its bull race and reach a new price of all time.
An crypto expert on the X social media platform presented an interesting perspective for the Bitcoin Prize, declaring that the market leader could prepare for his next explosive movement. However, the chain analyst has added that a certain condition must be fulfilled so that BTC takes up its upward trend.
A rupture greater than $ 118,000 could precede the price explosion: analyst
In an article on September 13 on X, the founder and CEO of Alphractal, Joao Weddson, revealed that the Bitcoin Prize could prepare for an extended rally in the coming weeks. The chain data expert shared that the first first cryptocurrency will require a convincing break above $ 118,000 to confirm the resumption of the Bull Run.
Wedson noted in its article that $ 117,000 is in fact the price bar to be monitored, because it represents an area of strong interest and indecision. More specifically, two chain indicators – the CVDD canal and the average market price adjusted to Fibonacci – have designated this price level as a point where the market is likely to slow down or form a local summit.
According to the Alphracttal analysis platform, the CVDD canal is a metric which estimates historical price floors and risk areas based on data destruction data and fibonacci envelopes. Meanwhile, the average market adjusted in Fibonacci combines the average market price with fibonacci bands to identify structural expansion and value areas.
Wedson stressed that the CVDD canal and the average price of the fitted market in Fibonacci have revealed “strangely precise levels” of support and resistance throughout the Bitcoin price history. Currently, these measures point to $ 117,000 as a level which could provide resistance to the upward movement of the Bitcoin price.
In the end, Wedson concluded that this area could be essential to the next visit of the market leader. However, the founder of Alphractal advised Bitcoin investors to wait for a clear and supported escape over $ 118,000 to confirm that the bullish momentum is back.
Bitcoin Price at a glance
To date, the price of the BTC amounts to around $ 115,905, not reflecting any significant change in the last 24 hours.
