Bitcoin’s price has been flirting around the $116,000 mark over the weekend, leaving investors on the edge of their seats. This fluctuating price action has sparked discussions about whether the cryptocurrency can reignite its bull run and hit new all-time highs. Amidst the uncertainty, a well-known crypto analyst has shared insights that could offer a glimmer of hope for Bitcoin enthusiasts.
The Path to a New Bull Run
Joao Wedson, the founder and CEO of analytics platform Alphractal, took to social media platform X on September 13 to express his optimistic outlook for Bitcoin. Wedson believes that a significant price surge could be on the horizon if the cryptocurrency manages to break above the $118,000 threshold. This isn’t just a random number; Wedson bases his prediction on solid on-chain analysis.
According to Wedson, the $117,000 level is a critical zone to watch. It represents an area of strong interest and potential indecision among investors. The CVDD Channel and the Fibonacci-Adjusted Market Mean Price, two on-chain indicators, have pinpointed this level as a potential resistance point. These metrics are renowned for their accuracy in identifying support and resistance levels throughout Bitcoin’s tumultuous price history.
Decoding the Indicators
The CVDD Channel and the Fibonacci-Adjusted Market Mean Price are not just fancy terms but are crucial tools in the arsenal of any serious crypto analyst. The CVDD Channel estimates historical price floors and risk zones by analyzing coin destruction data and Fibonacci envelopes. Meanwhile, the Fibonacci-Adjusted Market Mean Price combines market mean prices with Fibonacci bands to pinpoint structural expansions and value zones.
These indicators have consistently revealed “eerily accurate levels” of support and resistance for Bitcoin, according to Wedson. Currently, both are signaling $117,000 as a level where Bitcoin might face some resistance. However, Wedson advises investors to wait for a convincing breakout above $118,000 to confirm that bullish momentum is truly back.
A Balanced Perspective
While Wedson’s analysis offers a bullish perspective, it’s essential to consider the other side of the coin. The crypto market is notoriously volatile, and Bitcoin’s price can be influenced by a myriad of factors, from regulatory changes to macroeconomic shifts. While technical analysis provides valuable insights, it’s not infallible.
Some analysts caution against relying too heavily on price predictions. They argue that the market’s unpredictable nature means that even the most well-supported predictions can be derailed by unforeseen events. For instance, a sudden regulatory crackdown or a significant technological advancement in the blockchain space could shift market dynamics overnight.
Current Market Conditions
As of today, Bitcoin’s price hovers around $115,905, showing little change in the past 24 hours. This stagnation has led to speculation about whether a fresh rally is brewing or if the market will continue its sideways movement. Investors are keenly watching for signs of a breakout, with many hoping that a push past $118,000 will signal a renewed bull run.
While Wedson’s analysis offers a blueprint for potential future gains, the market’s current state is a reminder of its inherent unpredictability. Investors are advised to stay informed, diversify their portfolios, and approach predictions with a healthy dose of skepticism.
Looking Ahead
The crypto community is no stranger to bold predictions and price targets. Just recently, an analyst set a target of $1,314 for Solana, another popular cryptocurrency, following a cup-and-handle breakout pattern. Such forecasts, while ambitious, highlight the speculative nature of the crypto market and the potential for significant gains—or losses.
Bitcoin’s journey to potentially surpass $118,000 will be closely watched by both seasoned investors and newcomers alike. Whether this threshold will indeed mark the beginning of a new bull run remains to be seen. What is certain, however, is that the world of cryptocurrency never fails to provide excitement and intrigue.
For now, all eyes remain on Bitcoin as it navigates the choppy waters of the market. As investors weigh Wedson’s insights against broader market trends, one thing is clear: Bitcoin’s next move will be crucial in shaping the narrative of the crypto market in the coming weeks.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
