Cryptocurrency analyst Joao Wedson pointed out a key level of the market in a statement assessing Bitcoin's current price cycle.
According to Wedson, the most interesting Bitcoin Power Method model suggests that the resistance zone ranges between $118.9K and $120,000.
Wedson argued that for Bitcoin to exceed these levels, it would need to break through a previously identified threshold as the “alpha price,” which was previously stated to exceed $119,300. Analysts say that this level can only be exceeded after the integration period and the elimination of overly optimistic investors from the market.
“When that happens, the doors open wide to a higher level,” Wedson said. He said potential peak levels for this cycle could range from $143,000 to $146,000.
At the time of writing, Bitcoin is trading at $117,598, an increase of 8.89% last week. The market capitalization of the total cryptocurrency, including recent surges, has hovered around $3.66 trillion.
*This is not investment advice.
