Cryptocurrency analysis firm Alphractal and its founder João Wedson have shared a striking assessment of Bitcoin’s long-term price movements.
According to the company, despite its recent upward momentum, Bitcoin has not yet broken through a critical resistance level on the Long-Term Power Law chart.
The following statements were included in the Alphactal statement:
Bitcoin is facing significant resistance on the Long-Term Power Law chart. These trend lines have historically guided Bitcoin's price trajectory with great accuracy. BTC needs to break above the $122,000 level to confirm a sustained bull market.
The Long-Term Power Law is a specialized analysis model that uses a logarithmic scale (Log-Log chart) on both its horizontal and vertical axes. This method offers the opportunity to assess Bitcoin's macrotrend using a format rarely used in traditional financial markets. The model generates predictive trend lines supported by linear regression.
According to Alphactal, this model considers it unlikely that Bitcoin will fall below certain levels in the long term.
“According to this model, Bitcoin is unlikely to fall below $108,000 by 2033, as this would contradict the historical trend of the model,” João Wedson said.
*This is not investment advice.
