After making an impressive race to close the week, the Bitcoin price became relatively stable for this weekend. The main cryptocurrency showed some signs of indecision and continued to move laterally in the $ 117,000 and $ 118,000 interval.
According to an important online expert, the Bitcoin price could be in a critical moment that could decide its future in the coming weeks. The insights of a technical analysis model suggest that the price of BTC could be up to an unprecedented maximum of $ 143,000 once it exceeds the next level of resistance.
BTC must break this level of resistance to continue the rally
In a post on 12 July on the Social Media X platform, the founder and CEO of Alphras Joao Wedson revealed that the Bitcoin price must face a significant resistance between $ 118,900 and $ 120,000. This price evaluation is based on the model of the law on Bitcoin power, which provides a mathematical description of the historical trends of BTC prices.
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The model of the law on Bitcoin power estimates the effect of the network and the adoption curve without speculation. Using this framework, the price model provides long -term support and resistance levels or “bands” on the graphic designer Bitcoin.
Wedson has revealed that the Energy Law model indicates that the Bitcoin price must face a significant resistance between the $ 118,900 and $ 120,000 region. According to the chain analyst, the market must violate the Alpha price, which is located somewhere about $ 119,300.
For the context, the Alpha price refers to an important flex point in the model of the law of power and a level that the price of Bitcoin must break and remain above to enter the next significant phase of the Tori cycle. In essence, the price of the BTC must attend a pause supported by $ 119,300 to continue its event.
Wedson said that BTC’s price will have to show resilience to violate the psychological level of $ 120,000. However, it may be necessary to consolidate first and perhaps remove some long traders outside the market before passing the level of $ 120,000, the analyst in the chain observed.
According to Wedson, a sustained violation of the $ 120,000 level will signal the beginning of an even larger event for the market leader. The chain analyst marked the goal for this rally between $ 143,000 and $ 146,000, marking the price of Bitcoin in this cycle.
Bitcoin price at a glance
At the time of drafting this document, the price of BTC is about $ 117,530, which does not reflect any significant movement in the last 24 hours. However, peak cryptocurrency has increased by almost 9% on the weekly period.
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First floor image from Istock, TradingView chart