After an impressive run to close the week, the price of Bitcoin remained relatively stable over the weekend. The leading cryptocurrency showed some signs of indecision and continued to move sideways in the range of $117,000 to $118,000. According to a prominent online analyst, the price of Bitcoin may be at a critical point that could determine its future in the coming weeks. Technical analyses suggest that the price of $BTC could reach an unprecedented value of $143,000 once it surpasses the next resistance level.
To continue the rally, Bitcoin needs to break a significant resistance level between $118,900 and $120,000, as revealed by Joao Wedson, founder and CEO of Alphractal, in a post on July 12 on the social platform X. This price assessment is based on the Bitcoin Power Law model, which mathematically describes the historical price trends of the $BTC . The model estimates the network effect and the adoption curve without speculation, providing long-term support and resistance levels on the Bitcoin price chart.
Wedson highlighted that the Power Law model indicates significant resistance in the region between $118,900 and $120,000. According to the on-chain analyst, the market needs to surpass the Alpha Price, which is around $119,300. The Alpha Price refers to an important inflection point in the Power Law model and a level that the price of Bitcoin needs to break and maintain above to enter the next significant phase of the rally. Essentially, the price of $BTC must sustainably break above $119,300 to continue its rally.
Wedson mentioned that the price of BTC will need to show resilience to break the psychological level of $120,000. However, it may be necessary to consolidate first and possibly shake out some long-term traders from the market before surpassing the $120,000 level. According to Wedson, a sustained break above the $120,000 level will signal the beginning of an even larger rally for the market leader. The on-chain analyst set the target for this rally between $143,000 and $146,000, marking the peak of the Bitcoin price in this cycle.
At the time of writing, the price of BTC is around $117,530, with no significant movement in the last 24 hours. However, the leading cryptocurrency has risen nearly 9% in the weekly period.
