Bitcoin Nears $119,300 Resistance Level, 1.51% Gain in 24 Hours

Bitcoin is currently navigating a critical juncture in its market cycle, with analysts closely monitoring key resistance levels. Crypto strategist Joao Wedson has identified the $118,900 to $120,000 range as a pivotal resistance zone using a version of the Bitcoin Power Law model. Wedson emphasizes that the real test for Bitcoin 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.

Wedson's analysis indicates that if the market undergoes a necessary reset, Bitcoin could open the door to significantly higher levels. According to the analyst's forecast, the peak of this cycle could be between $143,000 and $146,000. This prediction is based on the assumption that the market will stabilize and eliminate excessive optimism, paving the way for further growth. At the time of writing, Bitcoin is trading at $119,298, reflecting a 1.51% increase in the past 24 hours and nearly 10% over the past week, with a market cap of $2.37 trillion.