A crypto expert on social media platform X has come forward with an interesting outlook for the Bitcoin price, stating that the market leader could be gearing up for its next explosive move. However, the on-chain analyst added that a certain condition must be met for BTC to resume its uptrend.
According to analytics platform Alphractal, the CVDD Channel is a metric that estimates historical price floors and risk zones based on the coin destruction data and Fibonacci envelopes. Meanwhile, the Fibonacci-Adjusted Market Mean Price combines the market mean price with Fibonacci bands to identify structural expansion and value zones.
Wedson highlighted that both the CVDD Channel and the Fibonacci-Adjusted Market Mean Price have revealed “eerily accurate levels” of support and resistance throughout Bitcoin’s price history. Currently, these metrics are pointing to $117,000 as a level that could provide resistance to the upward movement of the Bitcoin price.
As of this writing, the price of BTC stands at around $115,905, reflecting no significant change in the past 24 hours.
