Bitcoin Price: Will an Explosive Move Happen?

Bitcoin faces resistance around $117,000. Will it break through for an explosive move, or will it fall? Analyst Joao Wedson weighs in on key levels.

Bitcoin Price: Will an Explosive Move Happen?

Bitcoin's been grinding higher, but those gains haven't come easy. Is it about to make a big move, or is it stuck in neutral? Let's dive into what the data's saying.

The $117,000 Wall

Joao Wedson, the head honcho at Alphractal, flagged $117,000 as a major hurdle for Bitcoin. According to Wedson's analysis on X, this level lines up with key on-chain metrics like the CVDD Channel and Fibonacci-Adjusted Market Mean Price. Basically, it's where a lot of old Bitcoin changed hands, and where the average Bitcoin holder's cost basis sits. This price point has acted as strong resistance, causing indecision in the market.

What's Next: Up or Down?

Wedson laid out two potential scenarios. If Bitcoin busts through $118,600, that's a strong sign of bullish momentum, and could pave the way for an “explosive move” to the upside. But beware, if Bitcoin dips below $113,700, we could see a quick drop to $110,000, and maybe even a correction down to $100,000.

My Take: Patience is Key

Look, nobody knows for sure what Bitcoin's gonna do next. Wedson's analysis is solid, but the market can be a fickle beast. My advice? Keep an eye on those key levels, don't get caught up in the hype, and remember to DYOR (Do Your Own Research)!

The Bottom Line

Bitcoin's at a crossroads. Will it break through resistance and go on a tear, or will it stumble and fall? Only time will tell. But hey, at least it's never boring, right? Now go grab a coffee, chill out, and watch the fireworks (or maybe just a slow, steady climb – who knows!).