Alphractal has released its latest analysis, suggesting Bitcoin may enter a price discovery phase within the $70,000 to $90,000 range.
Alphractal's Analysis: Bitcoin Forecasts
Alphractal suggests Bitcoin could reach the price level of $70,000 to $90,000 in the coming months. The $70,000 level is expected to act as a strong support zone, while the $100,000 mark is anticipated to serve as a key resistance point.
Market Metrics and Volatility
Alphractal's analysis highlights a lack of historical consolidation within the $70,000 to $90,000 range. Price volatility can lead to frequent liquidations of both long and short positions due to poor price stability. Divergence in price movements between derivatives and spot markets continues on Binance. The current market structure reflects increased short interest, position closings, and strategic moves by market makers.
Decrease in Whale Activity and Transactions
The report also highlights a decrease in whale activity on the Bitcoin network and falling transaction volumes, suggesting that the market has not yet moved into a new high-demand cycle. Historical trends indicate that negative values in fundamental metrics usually signal either a bottom consolidation phase or an extended downtrend.
Overall, the current analytics from Alphractal may indicate potential significant movements for the Bitcoin market in the near future, but there remain uncertainties regarding the final price dynamics and market behavior.
