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- 📢 #Gate Square Writing Contest Phase 3# is officially kicks off!
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- 🧠 #GateGiveaway# - Crypto Math Challenge！
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Famous Analyst Predicts the 'Most Critical Price Level' That Must Be Surpassed for Bitcoin and the Highest Price That BTC Will Reach in This Cycle!
Crypto analyst Joao Wedson, in his statement evaluating the current price cycle of Bitcoin, highlighted critical levels for the market.
According to Wedson, the most interesting Bitcoin Power Law model shows that the resistance zone is between 118.9 thousand and 120 thousand dollars.
Wedson argued that in order for these levels to be surpassed, Bitcoin must break the threshold known as the "Alpha Price," which was previously indicated to be above 119,300 dollars. According to the analyst, breaking above this level may only be possible after a period of consolidation and the elimination of overly optimistic investors from the market.
Wedson, who said, "When this happens, the doors to higher levels will be wide open," stated that the potential peak level in this cycle could be in the range of 143,000 to 146,000 dollars.
At the time of writing this article, the price of Bitcoin is trading at $117,598 and has increased by 8.89% over the past week. The total value of the crypto market is currently around $3.66 trillion following the recent rise.