#BTCWhaleTracker Bitcoin Stopped Below $123K—Here’s Why the Breakthrough Didn’t Happen! 🔍📊

One and a half of the crypto market witnessed Bitcoin reaching many all-time highs. After hitting an all-time high of $122,800, this leading cryptocurrency has experienced a decline in recent days.

A whale from the Satoshi era moved on Thursday, July 17, causing this downward pressure. Top on-chain specialist X explains why Bitcoin never reached $123,000.

Can We Reach $143,000?

CEO of Alphractal & founder Joao Wedson discusses on X why BTC failed to break through $123,000 amid its rise to a new all-time high last week. Crypto experts: This apparent lack of momentum may threaten the market leader in the near future.

This estimate is based on the fact that $123,370 is the second Alpha Price level for Bitcoin. Alpha Price, a sophisticated on-chain indicator, uses various criteria to predict support and resistance levels for BTC.

Bitcoin must surpass and remain above the Alpha Price to initiate the next major bull cycle phase. Wedson states that this indicator calculates the market age in days to obtain the average market capitalization—essentially a baseline of historical valuation.

The chart above shows several threshold levels of Alpha Price indications, which act as pressure zones. Lower levels increase investor confidence as they buy to protect their holdings, while higher levels indicate profit-taking and increasing selling pressure.

Wedson reveals that Bitcoin's failure to breach the second Alpha Price level does not mean that the market peak has already been reached. BTC may need to pull back before hitting new highs as $123,370 is a resistance zone.