Leading cryptocurrency analyst Joao Wedson shared his insights on the current price cycle of Bitcoin, highlighting key levels that may impact future market dynamics.
Current Bitcoin Price
As of the time of writing, Bitcoin's price is $117,598, which is an increase of 8.89% from the previous week. This indicates a recent uptick in cryptocurrency prices.
Bitcoin Power Law Model
Wedson noted that the most interesting Bitcoin Power Law model points to a resistance zone in the $118.9k-$120k range. He added that for Bitcoin to break above these levels, it needs to surpass a threshold previously referred to as the 'Alpha Price,' located above $119,300. According to the analyst, breaking above this level is only possible following a period of consolidation and the reduction of overly optimistic investors in the market.
Future Level Predictions
Wedson also indicated that if Bitcoin surpasses the mentioned levels, 'the doors to higher levels will be wide open.' The potential peak for this cycle could be in the range of $143,000-$146,000.
Joao Wedson's analysis emphasizes the significance of current price dynamics for Bitcoin and provides insights into possible developments in the cryptocurrency market.
