After a strong week, Bitcoin has remained relatively steady over the weekend, fluctuating between $117,000 and $118,000. However, market observers suggest that a major price shift could be on the horizon.
According to a well-known crypto analyst, Bitcoin might soon reach a pivotal moment. A technical model indicates that if BTC can push past the next key resistance, it could surge to a new all-time high near $143,000.
Crucial Resistance Ahead
Joao Wedson, CEO of Alphractal, shared insights on July 12 via X (formerly Twitter), pointing out that Bitcoin is currently testing a significant resistance range between $118,900 and $120,000.
This analysis is based on the Bitcoin Power Law model, which projects long-term price behavior by considering the network’s growth and adoption, rather than speculative trends. According to Wedson, this model marks the “Alpha Price” at $119,300 — a key threshold Bitcoin must surpass to kickstart the next leg of its bull run.
Breaking the $120K Psychological Barrier
The Alpha Price serves as a decisive turning point. A clean break and hold above this level would indicate that Bitcoin is ready to enter a new phase of upward momentum.
Wedson also noted that before this breakout occurs, the market may need to consolidate and shake out over-leveraged long positions. Still, if Bitcoin manages to break above the $120,000 mark, it could pave the way for a substantial rally.
Bullish Target: $143K–$146K
Should Bitcoin break through and sustain levels above $120,000, Wedson believes it could set the stage for a sharp move upwards. His projected price target for this cycle ranges between $143,000 and $146,000 — signaling a potentially historic run for the world’s leading cryptocurrency.