The cryptomarkt was a story of two different halves, one of which saw the Bitcoin price rise to several of all time. After reaching his all time of around $ 122,800, the Prime Minister Cryptocurrency has succumbed to a sobering Gulf of Bearish in recent days.
This recent wave of downward pressure was crushed by the movement of a whale of a Satosh era on Thursday 17 July. However, the Bitcoin prize never seemed to cross the level of $ 123,000, and a prominent expert in the field of X explained why.
Is the switch to $ 143,000 still possible?
In a recent message on the social media platform X, Alphractal CEO and founder Joao Wedson explained Why the BTC price did not broke the $ 123,000 level during his meeting in the past week during his meeting to a new all time. According to the crypto expert, this apparent loss of Momentum could be a danger to the market leader in the short term.
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The reason behind this prediction is that the $ 123,000 region (or more exactly $ 123,370) is the second alpha prize level for the Bitcoin price. For the context, the alpha prize is a powerful indicator on the chain that uses various important statistics to estimate where the BTC price will probably find support or resistance.
In essence, the alpha prize is a level that the price of Bitcoin has to break through and stay above to enter the next important phase of the bull’s cycle. “It starts with calculating the age of the market in days and uses to derive the average market capitalization – essentially the historical valuation basis,” Wedson added about the indicator.
As shown in the graph above, the Alfa price indicator has multiple threshold levels, which behave as pressure areas. These thresholds reflect zones where the sentiment of investors will probably shift; Lower levels act as supports because investors often buy to defend their positions, while the upper levels indicate an increased sales pressure as a result of taking a profit.
Wedson noted that the Bitcoin price that does not infringe the second Alfa level level does not imply that the market top is located. The region of $ 123,370, however, is a clear resistance zone, and the BTC price may have to withdraw a little before it climbs to new highlights.
WEDSON also stated that the Alfa Price Level will update on Saturday, July 19, because it is dynamically adapted based on real-time transaction flows on chains. Nevertheless, if the Bitcoin price breaks this level, a switch to more than $ 143,000 could still be on the maps.
Bitcoin -price at a glance
From this letter, the price of BTC is around $ 117,610, which reflects a decrease of more than 2% in the last 24 hours.
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Featured image of Istock, graph of TradingView