The price of Bitcoin has difficulty taking advantage of his recent bullish momentum, oscillating in and around the $ 116,000 level so far this weekend. This turbulent price action has evoked doubts about the potential of the flagship cryptocurrency to resume his Bull Run and reach a new high price of all time.
A crypto expert on social media platform X has an interesting prospect for the Bitcoin price, which states that the market leader could prepare for his next explosive movement. The on-chain analyst, however, added that a certain condition must be met for BTC to resume the upward trend.
A break above $ 118,000 can precede price explosion: analyst
In a post of 13 September on X, Alfractale founder and CEO Joao Wedson unveiled That the price of Bitcoin could prepare for an extensive rally in the coming weeks. The data expert on chains shared that the Prime Minister Cryptocurrency needs a convincing break above the level of $ 118,000 to confirm the resumption of the Bullrun.
In his position, Wedson noted that $ 117,000 is actually the price brand to pay attention, because it represents a zone of strong interest rates and indecision. Specifically, two indicators on the Cvd channel chain and the market-average price-this price-this price level corrected by Fibonacci have indicated as a point where the market will probably delay or form a local top.
According to Analytics Platform Alphractal, the CVD channel is a metric that estimates historical price floors and risk zones based on the mint destruction data and Fibonacci en envels. In the meantime, the market average price-average price-average price is combining the average price with Fibonacci tires to identify structural expansion and value zones.
Wedson emphasized that both the CVD channel and the market average price-average price “creepy accurate levels” of support and resistance have revealed in the price history of Bitcoin. These statistics are currently pointing to $ 117,000 as a level that can resist the upward movement of the Bitcoin price.
In the end, Wedson concluded that this zone could be crucial for the next step from the market leader to the advantage. However, the alfractal founder advised Bitcoin investors to wait for a clear, persistent outbreak above $ 118,000 to confirm that Bullish Momentum is back.
Bitcoin -price at a glance
From this letter, the price of BTC is around $ 115,905, which does not reflect a significant change in the last 24 hours.