Bitcoin Faces Key Resistance as Analyst Eyes $143K–$146K Peak

Bitcoin Analysis

Bitcoin Faces Key Resistance as Analyst Eyes $143K–$146K Peak

Bitcoin is nearing a major inflection point in its current cycle, according to crypto strategist Joao Wedson.

Citing a version of the Bitcoin Power Law model, Wedson identifies the $118,900 to $120,000 range as a crucial resistance zone.

He emphasizes that the true test lies just above $119,300—a level he refers to as the “Alpha Price.” Breaking through this area, he suggests, will require more than just bullish sentiment. “Before Bitcoin can move higher, the market needs to cool off and shake out overleveraged optimism,” he explained.

If that reset happens, Wedson believes Bitcoin could open the door to significantly higher levels, forecasting a cycle top between $143,000 and $146,000.

At the time of writing, Bitcoin is trading at $119,298, up 1.51% in the past 24 hours and nearly 10% over the past week, with a market cap of $2.37 trillion and a 24-hour trading volume of over $45.7 billion.

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Alexander Stefanov

Reporter at Coindoo

Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.

Source: https://coindoo.com/market/bitcoin-faces-key-resistance-as-analyst-eyes-143k-146k-peak/