Cryptocurrency research firm Alphractal has issued a warning, suggesting that Bitcoin may be nearing a local peak.
Based on their analysis, the firm predicts that Bitcoin’s price could reach a local top around the $111,000 mark.
This forecast is grounded in the Cumulative Value Days Destroyed (CVDD) metric, which Alphractal describes as one of the most effective tools for identifying price bottoms in Bitcoin’s market.
The firm highlights the $111,000 price point as a significant resistance level.
The analysts explained that the CVDD Channel, which is composed of several lines derived from the CVDD metric, provides a reliable means of pinpointing support and resistance zones.
They estimate that the $111,110 level represents a key resistance point. While breaking this barrier could signal bullish momentum, Alphractal cautioned that this level might continue to act as a ceiling for Bitcoin’s price in the short term.
As Bitcoin continues to consolidate above $100K, a critical market signal is flashing: BTC funding rates remain elevated, even as price action cools.
Billionaire investor Ray Dalio, founder of Bridgewater Associates, has suggested that a balanced investment portfolio should include up to 15% allocation to gold or Bitcoin, though he remains personally more inclined toward the traditional asset.
With Bitcoin hovering near $119,000, traders are weighing their next move carefully. The question dominating the market now is simple: Buy the dip or wait for a cleaner setup?
Bitcoin has officially reached the $116,000 milestone, a level previously forecasted by crypto services firm Matrixport using its proprietary seasonal modeling.