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