The cryptocurrency analytics firm Alphractal has recently published an in-depth assessment of the Bitcoin market, focusing on the STH & LTH Sentiment Price Bands metric. The analysis highlights the Worry Band, a key resistance level in Bitcoin’s current uptrend.
Sentiment Price Bands: A New Analytical Approach
The Sentiment Price Bands metric is used to represent the sentiments of short-term and long-term Bitcoin holders, providing insights into price movements.
The Worry Band Resistance Level
According to Alphractal, Bitcoin’s price is currently stalled below the important resistance known as the Worry Band. Historically, whenever the price reaches this zone, investors tend to start selling their assets. Breaking through the Worry Band is crucial for the uptrend to continue. Bitcoin needs to stay above $107.3K for a few days, which could pave the way for new resistance levels like the Optimism Band at $132.6K and the Twitter Band at $163K.
Historical Scenarios and Predictions
Alphractal also outlined historical scenarios that may correspond to the current market movement. In 2019, Bitcoin might reach $132K, in 2021 a rise to $150K is possible, in 2017 an exceeding $215K, and in 2015 up to $270K. However, the greatest challenge for Bitcoin remains breaking the Worry Band resistance. A failure to break this level could delay the upward outlook and result in a correction.
Despite optimistic targets, Alphractal emphasizes the necessity of overcoming the Worry Band level, which is a key factor for Bitcoin's continued growth.
