Bitcoin’s Next Move: $150K Target Looms as Bulls Gear Up

Bitcoin has stabilized this weekend after a strong week. The top cryptocurrency has been oscillating between $117,000 and $118,000.
A famous internet commentator believes the Bitcoin price may be approaching a turning point in the coming weeks. A technical analysis model suggests BTC might reach a record $143,000 high after overcoming the next resistance level.
BTC Must Break This Resistance To Rally
Alphractal founder & CEO Joao Wedson wrote on X on July 12 that Bitcoin faces strong resistance between $118,900 and $120,000.
Bitcoin Power Law predicts network impact and adoption curve without speculation. In this paradigm, the pricing model gives long-term Bitcoin price chart “bands” of support and resistance.
Wedson indicated that the Power Law model suggests Bitcoin price resistance between $118,900 and $120,000. The on-chain expert says the market must break the Alpha Price, at $119,300.
According to the Power Law model, the Alpha Price is a critical inflection point that the Bitcoin price must break and remain above to start the next big bull cycle phase. BTC must break over $119,300 to continue rallying.
BTC must demonstrate tenacity to break the psychological $120,000 barrier, according to Wedson. The on-chain expert suggested it consolidate and remove some long traders before breaking $120,000.
Wedson believes a sustained break of $120,000 will start a far greater rise for the market leader. On-chain expert set rally objective between $143,000 and $146,000, signifying this cycle's Bitcoin price high.
BTC is now trading at $117,530, unchanged in 24 hours. However, the main cryptocurrency is up roughly 9% weekly.
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