Bitcoin’s price has been struggling to build on its recent positive surge, fluctuating around the $116,000 mark this weekend. This uneven trading activity has sparked concerns about whether the leading cryptocurrency can reignite its upward trajectory and achieve a new record high.
An experienced crypto market observer on X, a prominent social media platform, has offered an interesting perspective on Bitcoin’s potential future price movement. According to this analyst, Bitcoin may be preparing for its next significant price advance. However, the on-chain data specialist emphasizes that a specific condition must be fulfilled for BTC to resume its upward trend.
Analyst Suggests $118,000 Breakthrough Could Trigger Significant Price Surge
In a message posted on X on September 13, Joao Wedson, the founder and CEO of Alphractal, indicated that Bitcoin’s value could be poised for an extended increase in the coming weeks. The expert in on-chain data noted that the top cryptocurrency needs to convincingly surpass the $118,000 level to validate the continuation of the bullish market phase.
Wedson pointed out that $117,000 is the crucial price level to monitor, representing a zone of considerable interest and market uncertainty. Two particular on-chain indicators – the CVDD Channel and the Fibonacci-Adjusted Market Mean Price – highlight this price point as one where market activity may slow down or potentially form a temporary peak.
According to Alphractal, a data analysis platform, the CVDD Channel is a measure used to assess historical price floors and potential risk areas, relying on coin destruction data combined with Fibonacci envelopes. The Fibonacci-Adjusted Market Mean Price, on the other hand, integrates the average market price with Fibonacci sequences to identify areas of structural growth and inherent value.
Wedson emphasized that both the CVDD Channel and the Fibonacci-Adjusted Market Mean Price have demonstrated “remarkably accurate” areas of support and resistance throughout Bitcoin’s historical price activity. Currently, these metrics suggest that $117,000 could act as a hurdle, potentially resisting Bitcoin’s upward movement.
In conclusion, Wedson posited that this price zone could be instrumental in determining Bitcoin’s next upward trajectory. Nevertheless, the Alphractal founder advised Bitcoin traders to await a decisive and sustained break above $118,000 to confidently confirm the return of bullish market forces.
Current Bitcoin Price Overview
At the time of this report, the price of BTC is hovering around $115,905, indicating minimal change over the past day.