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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Analyst Says Bitcoin Is A Strong Buy If It Overcomes $118K — Here’s Why

Opeyemi Sule
Opeyemi Sule
4 hours ago
2 mins read
Bitcoin

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Created by industry experts and meticulously reviewed
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The price of Bitcoin has struggled to capitalize on its recent bullish momentum, oscillating in and around the $116,000 level so far this weekend. This choppy price action has raised doubts about the flagship cryptocurrency’s potential to resume its bull run and reach a new all-time high price.

A crypto expert on social media platform X has come forward with an interesting outlook for the Bitcoin price, stating that the market leader could be gearing up for its next explosive move. However, the on-chain analyst added that a certain condition must be met for BTC to resume its uptrend.

A Break Above $118,000 Could Precede Price Explosion: Analyst

In a September 13 post on X, Alphractal founder and CEO Joao Wedson revealed that the price of Bitcoin could be preparing for an extended rally over the next few weeks. The on-chain data expert shared that the premier cryptocurrency will need a convincing break above the $118,000 level to confirm the resumption of the bull run.

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Wedson noted in his post that $117,000 is actually the price mark to watch out for, as it represents a zone of strong interest and indecision. Specifically, two on-chain indicators—the CVDD Channel and the Fibonacci-Adjusted Market Mean Price—have designated this price level as a point where the market is likely to slow down or form a local top.

According to analytics platform Alphractal, the CVDD Channel is a metric that estimates historical price floors and risk zones based on the coin destruction data and Fibonacci envelopes. Meanwhile, the Fibonacci-Adjusted Market Mean Price combines the market mean price with Fibonacci bands to identify structural expansion and value zones.

Bitcoin
Source: @joao_wedson on X

Wedson highlighted that both the CVDD Channel and the Fibonacci-Adjusted Market Mean Price have revealed “eerily accurate levels” of support and resistance throughout Bitcoin’s price history. Currently, these metrics are pointing to $117,000 as a level that could provide resistance to the upward movement of the Bitcoin price.

In the end, Wedson concluded that this zone could be critical to the market leader’s next move to the upside. However, the Alphractal founder advised Bitcoin investors to wait for a clear, sustained breakout above $118,000 to confirm that bullish momentum is back.

Bitcoin
Source: @joao_wedson on X

Bitcoin Price At A Glance

As of this writing, the price of BTC stands at around $115,905, reflecting no significant change in the past 24 hours.

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The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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