The price of Bitcoin has fought to capitalize on its recent bullish impulse, oscillating at the level of $ 116,000 so far from the weekend. This chopped price action has generated doubts about the potential of the badly cryptocurrency to resume its bull execution and achieve a new high historical price.
An expert in encryption on the social media platform X has presented an interesting perspective for the price of Bitcoin, stating that the market leader could be preparing for his next explosive movement. However, the chain analyst added that a certain condition must be met for BTC to resume its upward trend.
A break above $ 118,000 could precede price explosion: analyst
In a September 13 publication in X, the founder and CEO of Alphractal, Joao Wedson, revealed that Bitcoin’s price could be preparing for an extended demonstration in the coming weeks. The data expert in the chain shared that the main cryptocurrency will need a convincing rupture above the level of $ 118,000 to confirm the resumption of bull execution.
Wedson pointed out in its publication that $ 117,000 is actually the price brand to take into account, since it represents an area of strong interests and indecision. Specifically, two indicators in the chain, the CVDD channel and the average market price adjusted by FIBONACCI, have designated this price level as a point where the market is likely to slow down or form a local top.
According to the alphractal analysis platform, the CVDD channel is a metric that estimates historical price floors and risk areas based on coins destruction data and Fibonacci envelopes. Meanwhile, the average market price adjusted by FIBONACCI combines the average market price with Fibonacci bands to identify structural expansion and value areas.
Wedson stressed that both the CVDD channel and the average market priced adjusted by Fibonacci have revealed “disturbing and precise levels” of support and resistance throughout the history of Bitcoin prices. Currently, these metrics point to $ 117,000 as a level that could provide resistance to the upward movement of the price of Bitcoin.
In the end, Wedson concluded that this area could be critical for the next movement of the upward market leader. However, the founder of Alphractal advised Bitcoin investors to wait for a clear and sustained breakdown above $ 118,000 to confirm that the bullish impulse has returned.
Bitcoin price at a glance
At the time of writing this article, the price of BTC is around $ 115,905, which does not reflect a significant change in the last 24 hours.
