After going on an impressive run to close the week, the Bitcoin price has become relatively steady over this weekend. The premier cryptocurrency has shown some signs of indecision and continued to move sideways within the $117,000 and $118,000 range. 

According to a prominent online pundit, the Bitcoin price might be at a critical juncture that could decide its future over the next few weeks. Insights from a technical analysis model suggest that the price of BTC might run up to an unprecedented high of $143,000 once it overcomes the next resistance level.

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.

Related Reading

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.

Related Reading

Featured image from iStock, chart from TradingView

As the first week of November draws to a close, here are the news stories that dominated the worlds of Forex, Fintech and Crypto in our best of the week segment.

Exclusive: Has Tradersoft Been Shutdown?

Tradersoft, the online trading technology platform provider, has abruptly shuttered all of its services Finance Magnates has learned. The shutdown came overnight, without any prior notice or warning.

Though the company website is still operating as usual without showing any notice of the shutdown, unconfirmed reports suggest emails have been sent to customers informing them of the immediate closure.

The trading technology provider was linked to recent police raids.

Read more on the Tradersoft shutdown here.

JPMorgan Renews Its Long-Term Price Target of $146,000 per Bitcoin

JPMorgan, the US-based investment bank, recently renewed its price target of $146,000 for Bitcoin amid a jump in institutional adoption.

A report published by Business Insider citing JPMorgan’s research note highlights the growing demand for Bitcoin and other digital currencies. “Considering how big the financial investment into gold is, any such crowding out of gold as an ‘alternative’ currency implies big upside for bitcoin over the long term,” Nikolaos Panigirtzoglou, a JPMorgan strategist, said in the report.

Read more on the JPMorgan Bitcoin price prediction here.

Exclusive: UK Broker ZenFinex Applies for Dubai and Seychelles Licenses

In another Finance Magnates exclusive, we revealed that UK-headquartered ZenFinex, which offers forex and CFDs trading, has applied for operational licenses from the regulators in Dubai and Seychelles.

The broker is in the ‘final stages’ of obtaining licenses from the Dubai Financial Services Authority (DFSA) and the Financial Services Authority Seychelles (FSA). Currently, it is operating with a Financial Conduct Authority (FCA) license that it obtained in March 2019.

“We submitted regulatory applications to both the DFSA (Dubai) and FSA (Seychelles) regulators this past 12 months,” Nick Cooke, the Founder and Board Member at ZenFinex, confirmed to Finance Magnates.

Read more on the ZenFinex new licenses here.

Tesla to Start Accepting Shiba Inu (SHIB) as Payment?

Shibu Inu (SHIB) was once again rarely out of the crypto news. Elon Musk-led Tesla Inc. (Nasdaq: TSLA), which is the top manufacturer of electric cars, is possibly planning to accept payments for its cars with the popular meme token, Shiba Inu (SHIB). According to an analysis of the source code of the Tesla website, the name SHIBA was found along with Bitcoin and other regular payment methods.

First posted by a Reddit user, the name of the meme token in Tesla website source code was confirmed by many social media users on both Reddit and Twitter, including some publicly known coders.

Read more on the Tesla Shibu story here.

Binance Launches Shiba Inu (SHIB)-Dogecoin (DOGE) Trading Pair

Binance is making cryptocurrency trading more interesting by launching the Shiba Inu and Dogecoin trading pair on Tuesday.

“Binance will open trading for SHIB/DOGE trading pair at 2021-11-02 08:00 AM (UTC),” Binance wrote on its official announcement on Monday.

With this, Binance will be the first major cryptocurrency exchange to offer a trading pair of two meme tokens.

Read more on the Binance SHIB DOGE trading pair here.

Israeli Court Unseals Names of Suspected Forex Scammers Arrested

A Jerusalem court has unsealed the names of the alleged four people that were involved in forex fraud and arrested during raids in October in Tel Aviv.

According to The Times of Israel, Pavel Kotler, 47, of Holon; Yuri Dashevsky, 33, of Kfar Saba; Nimrod Blachman, 33, hometown unknown; and Chen Malka, 31, of Tel Aviv have been considered suspicious of running binary options, forex and cryptocurrency fraud that targeted German citizens.

Read more on the Israeli scammers named here.

PrimeXM Records Again over $1 Trillion in Trading Volume during October

PrimeXM, an FX trading industry technology provider, published its trading volumes report for October 2021, noting another milestone hit for the period in monthly trading volume.

According to the metrics across its four major data center locations, the company surpassed the $1 trillion threshold in monthly volume for the fifth consecutive month, reaching over $1.10 trillion, which is a 23% yearly increase compared to last year’s figure of $894.36 billion.

In addition, the average daily volume (ADV) for October was $52.38 billion, with October 6 as the highest daily trading volume day of the month, accounting for around $62.09 billion in turnover.

Read more on the PrimeXM record October here.

CME Group Witnesses a 32% Surge in Overall ADV during October 2021

October was also a good month for the CME Group, The operator of one of the largest US derivatives exchanges released its monthly trading metrics for October 2021, noticing an increase in the average daily volume (ADV) of interest rate contracts.

According to the report, interest rate contracts surged 94% on a yearly basis, while the overall ADV soared 32% on a yearly basis to 20.4 million contracts during the period.

Read more on the CME Group October metrics here.