Bitcoin prices have struggled to capitalise on recent bullish momentum, and have vibrated at the $116,000 level so far this weekend. This choppy price action has raised questions about the possibility of resuming the flagship cryptocurrency bull run and reaching the highest price ever.
Cryptographic experts on social media platform X have offered an interesting outlook on Bitcoin prices, saying market leaders may be preparing for the next explosion. However, on-chain analysts added that BTC must meet certain criteria in order for it to resume uptrends.
A break above $118,000 could precede a price explosion: Analysts
In a September 13th post on X, Alphractal founder and CEO Joao Wedson revealed that Bitcoin prices are preparing for an extension rally over the coming weeks. On-chain data experts shared that the best cryptocurrencies will need a compelling break above the $118,000 level to confirm the reopening of the Bull Run.
In his post, Wedson said $117,000 is actually a price to watch out for. Specifically, two on-chain indicators (CVDD channel and Fibonacci-adjusted average price for the market) designate this price level as a point where the market is likely to fall or form a local top.
According to Analytics Platform Alphractal, the CVDD channel is a metric that estimates the floor and risk zone of historical prices based on coin destruction data and Fibonacci envelopes. Meanwhile, Fibonacci adjusted market average prices combine the market average prices with the Fibonacci band to identify structural expansion and value zones.
Wedson emphasized that the average prices on both the CVDD channel and the Fibonacci-adjusted market revealed “esquely accurate levels” and “esquely accurate levels” of resistance throughout Bitcoin’s price history. Currently, these metrics refer to $117,000 as a level that can provide resistance to the upward movement of Bitcoin prices.
Ultimately, Wedson concluded that the zone could be important for the market leader’s next move. However, the founders of Alphractal advised Bitcoin investors to wait for a clear and sustained breakout of over $118,000 to confirm that bullish momentum has returned.
Bitcoin price at a glance
At the time of writing, the price of BTC is around $115,905, and does not reflect any major changes over the past 24 hours.
