Bitcoin Price Prediction: $146K Next Target?
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Bitcoin's price has recently stabilized around $117,000-$118,000 after a significant rally. However, according to Joao Wedson, founder and CEO of Alphractal, a crucial juncture may determine Bitcoin's trajectory in the coming weeks. Wedson's analysis, using the Bitcoin Power Law model, a mathematical framework describing BTC's historical price trends and network effects, suggests a significant resistance level between $118,900 and $120,000. The key is the ‘Alpha Price,' approximately $119,300. A sustained break above this Alpha Price is necessary for Bitcoin to enter the next bull cycle phase and continue its upward momentum. Wedson explains that overcoming the psychological $120,000 barrier may require consolidation and potentially eliminating some long traders. A successful breach of $120,000, however, could initiate a much larger rally, potentially pushing Bitcoin's price to between $143,000 and $146,000, representing the peak of this cycle. This prediction is based on the Power Law model's assessment of long-term support and resistance levels, offering a non-speculative perspective on Bitcoin's price behavior. Currently, Bitcoin's price shows little change in the last 24 hours, but a nearly 9% weekly increase highlights the ongoing market activity.
(Source: https://www.newsbtc.com/news/bitcoin/bitcoin-price-soar-to-146k-in-next-leg-up-analyst/)
