$BTC

Cryptocurrency analyst Joao Widson, in his statement assessing the current Bitcoin price cycle, pointed to critical market levels.

According to Widson, the most interesting Bitcoin power law model indicates that the resistance area lies in the range of $118,900 to $120,000.

Widson argued that for Bitcoin's price to surpass these levels, it needs to exceed a previously defined price threshold known as the "Alpha Price," which was previously set above $119,300. According to the analyst, surpassing this level is only possible after a period of stability and the exit of overly optimistic investors from the market.

Widson stated: "Once that happens, the doors will be wide open for higher levels," noting that the potential peak level for this cycle could be in the range of $143,000 to $146,000.$BTC