Cryptocurrency analytics firm Alphractal has identified a key cluster of on-chain support for Bitcoin between $56,000 and $71,000, signaling a potential buying opportunity.
According to their latest report, this range showed high levels of transactions, miner fees, hash rate, and miner revenue; factors that historically indicate strong market support.
If Bitcoin approaches or breaks below $71,000, analysts at Alphractal suggest that a bottom is likely to form as underlying fundamentals could strengthen market sentiment and influence miner behavior.
According to analysts, historically, onchain clusters have formed in critical price zones such as:
- $200-$400
- $2,000 – $5,000
- $6,000 – $12,000
- $15,000 – $26,000
These past support levels have often preceded significant price moves, making the current range one to watch closely.
Joao Wedson, CEO of Alphractal, said in his statement that the real altcoin season is about to begin. He believes that the cryptocurrency market has entered a strategic accumulation phase, especially for altcoins:
“We are at a strategic moment to accumulate solid projects before the next big rally. Keep an eye on newly launched projects.”
Wedson is particularly bullish on gaming-themed altcoins, citing their undervaluation and potential for exponential growth ahead of the release of GTA 6 in late 2025.
*This is not investment advice.
