The crypto market has recently revealed two diverging narratives, with one phase witnessing Bitcoin’s price surge to unprecedented heights. Hitting an all-time high of approximately $122,800, the premier cryptocurrency has since experienced a sobering wave of bearish pressure.
This downward momentum was notably triggered by the movement of a Satoshi-era whale on July 17. Despite previous optimism, it became evident that the Bitcoin price had struggled to maintain momentum, marking a significant resistance at the $123,000 level, a phenomenon explained by leading on-chain expert Joao Wedson on social media platform X.
Is The Move To $143,000 Still Possible?
In a recent analysis, Joao Wedson, CEO & founder of Alphractal, detailed why Bitcoin’s price failed to surmount the $123,000 barrier during its recent rally. According to Wedson, this apparent loss of upward momentum could signify potential challenges for Bitcoin in the near term.
The core of this assessment lies in the significance of the $123,000 region (more specifically, $123,370), identified as the second Alpha Price level of Bitcoin. The Alpha Price is an influential on-chain indicator, leveraging various metrics to gauge areas of projected support or resistance for Bitcoin’s value.
To put it succinctly, for Bitcoin to initiate the next substantial phase of its bull cycle, it must breach and hold above the Alpha Price level. As described by Wedson, the Alpha Price is computed by assessing the market’s age in days, which helps derive the average market capitalization—offering a historical valuation baseline.
The accompanying chart illustrates the multiple threshold levels defined by the Alpha Price indicator, acting as pressure zones. These levels reflect likely shifts in investor sentiment, with lower thresholds serving as support zones—often attracting buying interest—as higher levels indicate selling pressure driven by profit realization.
While the failure to breach the $123,370 resistance does not conclusively signal a market peak, it does indicate a significant hurdle. Consequently, Bitcoin might encounter retracement before it can ascend to new heights. Wedson reaffirmed that the Alpha Price level is subject to adjustment based on real-time on-chain transaction flows, with a forecasted update set for July 19. Should Bitcoin successfully navigate above this threshold, prospects for ascending to over $143,000 remain feasible.
Bitcoin Price At A Glance
As it currently stands, Bitcoin’s price is approximately $117,610, reflecting a decline of over 2% in the past 24 hours.
