Bitcoin Primed for $146K Surge in Next Bull Run — Analyst Breaks Down the Catalysts

Bitcoin's next parabolic move could send prices rocketing to $146,000—nearly triple today's levels—according to one closely-watched market strategist.

Here's what's fueling the bullish case:

The Halving Effect
With the 2024 supply cut now in rearview, historical patterns suggest scarcity will drive prices exponentially higher over the next 12-18 months.

Institutional FOMO
Spot ETF inflows are just warming up—wait until pension funds and sovereign wealth funds start allocating. (Better late than never for the suits, right?)

Technical Breakout
The weekly chart shows Bitcoin consolidating in a textbook continuation pattern. When this coil springs, it tends to go vertical.

Of course, Wall Street will claim they saw it coming all along—right after they finish downgrading miners at the cycle bottom.

BTC Needs To Break This Resistance Level To Continue Rally

In a July 12 post on social media platform X, Alphractal founder & CEO Joao Wedson revealed that the bitcoin price faces significant resistance between $118,900 and $120,000. This price evaluation is based on the Bitcoin Power Law model, which provides a mathematical description of BTC’s historical price trends.

The Bitcoin Power Law model estimates the network effect and adoption curve without speculation. Using this framework, the pricing model provides long-term support and resistance levels or “bands” on the Bitcoin price chart. 

Wedson revealed that the Power Law model indicates that the bitcoin price faces significant resistance between the $118,900 and $120,000 region. According to the on-chain analyst, the market needs to breach the Alpha Price — which lies somewhere around $119,300.

For context, the Alpha Price refers to a major inflection point in the Power Law model and a level that the Bitcoin price needs to break and stay above to enter the next significant phase of the bull cycle. In essence, the BTC price must witness a sustained break above $119,300 to continue its rally.

Wedson mentioned that the price of BTC will need to show resilience in order to breach the psychological $120,000 level. However, it might need to consolidate first and perhaps take some long traders out of the market before overcoming the $120,000 level, the on-chain analyst noted.

According to Wedson, a sustained breach of the $120,000 level will signal the beginning of an even much bigger rally for the market leader. The on-chain analyst put the target for this rally at between $143,000 and $146,000, marking the Bitcoin price top in this cycle.

Bitcoin Price At A Glance

As of this writing, the price of BTC stands at around $117,530, reflecting no significant movement in the past 24 hours. Nevertheless, the flagship cryptocurrency is up by nearly 9% on the weekly timeframe.