“`html
The value of Bitcoin has faced challenges in leveraging its recent positive momentum, fluctuating in and around the $116,000 mark throughout this weekend. This erratic price behavior has sparked uncertainty regarding the flagship cryptocurrency’s capability to continue its upward trajectory and achieve a new all-time high value.
A cryptocurrency analyst on social media platform X has emerged with a fascinating perspective on the Bitcoin price, suggesting that the market leader might be preparing for its next significant surge. However, the on-chain expert emphasized that a specific condition needs to be satisfied for BTC to renew its upward trend.
A Break Above $118,000 Could Pave the Way for Price Surge: Analyst
In a September 13 update on X, Alphractal founder and CEO Joao Wedson indicated that the Bitcoin price could be on the verge of an extended upturn in the upcoming weeks. The on-chain data specialist mentioned that the leading cryptocurrency would require a definitive break beyond the $118,000 threshold to validate the continuation of the bull phase.
Wedson remarked in his update that $117,000 is indeed the price point to keep an eye on, as it signifies a region of considerable interest and uncertainty. In particular, two on-chain indicators—the CVDD Channel and the Fibonacci-Adjusted Market Mean Price—have identified this price point as an area where the market may experience a slowdown or establish a local peak.
According to the analytics platform Alphractal, the CVDD Channel is a measurement that assesses historical price bottoms and risk zones based on coin destruction metrics and Fibonacci ranges. At the same time, the Fibonacci-Adjusted Market Mean Price merges the average market price with Fibonacci bands to pinpoint structural expansions and valuation zones.
Wedson highlighted that both the CVDD Channel and the Fibonacci-Adjusted Market Mean Price have indicated “eerily precise levels” of support and resistance throughout Bitcoin’s price history. Presently, these metrics are signaling $117,000 as a region that could pose resistance to the upward movement of the Bitcoin value.
Ultimately, Wedson concluded that this area could be vital to the market leader’s next upward move. Nonetheless, the Alphractal founder advised Bitcoin investors to await a clear, sustained breakout above $118,000 to affirm that bullish momentum has returned.
Bitcoin Price At A Glance
As of this moment, the value of BTC is approximately $115,905, indicating no remarkable change in the last 24 hours.
Source link
“`
