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Will Bitcoin Skyrocket Past $118K? Here’s Why Experts Believe It’s a Strong Buy!
In the ever-evolving landscape of cryptocurrency, Bitcoin remains a focal point for investors and analysts alike. Recently, despite its struggle to maintain consistent upward momentum, Bitcoin has captured attention with potential hints at a substantial rally. According to *analyst news* from a notable on-chain expert, a pivotal movement is on the horizon, contingent upon surpassing a critical resistance level.
The Key Resistance: A Gateway to a Bullish Explosion
Joao Wedson, CEO of Alphractal, has provided intriguing insights suggesting that Bitcoin’s next big move hinges on breaking the $118,000 threshold. This level is more than just a number; it represents a significant psychological barrier and a technical stronghold that, once breached, could unleash a robust bullish phase. Wedson’s analysis, derived from comprehensive on-chain data, points to $117,000 as a zone of high interest and potential turning point. Here, historical data and Fibonacci adjustments converge, marking it as a probable area for either a slowdown or a strategic pivot for traders.
Deciphering the On-Chain Metrics: CVDD and Fibonacci-Adjusted Market Mean Price
The metrics guiding Wedson’s predictions are the CVDD Channel and the Fibonacci-Adjusted Market Mean Price. These tools calculate risk zones and potential value areas based on historical price actions and Fibonacci sequences. Their accuracy in past trends lends credence to their current forecasts, which now spotlight $117,000 as a critical juncture.
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What Should Investors Do?
Given the current price standing at approximately $115,905, the advice from Alphractal’s lead analyst is to watch for a decisive and sustained breakout above $118,000. Such a move would not only confirm the return of bullish momentum but could also potentially set the stage for reaching new heights.
Conclusion: A Critical Moment for Bitcoin Investors
As the market stands at a crossroads, the forthcoming days are crucial. A breakout above the specified levels could validate the bullish forecasts and possibly trigger a new chapter in Bitcoin’s history. Meanwhile, investors are advised to maintain vigilance and prepare for scenarios that align with breaking these key resistance levels. The anticipation of these movements provides a compelling narrative for both seasoned traders and newcomers to the cryptocurrency arena.
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