The price of Bitcoin has struggled to capitalize on its , oscillating in and around the $116,000 level so far this weekend. This choppy price action has raised doubts about the flagship cryptocurrency’s potential to resume its bull run and reach a new all-time high price.

A crypto expert on social media platform X has come forward with an interesting outlook for the Bitcoin price, stating that the market leader could be gearing up for its next explosive move. However, the on-chain analyst added that a certain condition must be met for BTC to resume its uptrend.

A Break Above $118,000 Could Precede Price Explosion: Analyst

In a September 13 post on X, Alphractal founder and CEO Joao Wedson that the price of Bitcoin could be preparing for an extended rally over the next few weeks. The on-chain data expert shared that the premier cryptocurrency will need a convincing break above the $118,000 level to confirm the resumption of the bull run.

Wedson noted in his post that to watch out for, as it represents a zone of strong interest and indecision. Specifically, two on-chain indicators—the CVDD Channel and the Fibonacci-Adjusted Market Mean Price—have designated this price level as a point where the market is likely to slow down or form a local top.

According to analytics platform Alphractal, the CVDD Channel is a metric that estimates historical price floors and risk zones based on the coin destruction data and Fibonacci envelopes. Meanwhile, the Fibonacci-Adjusted Market Mean Price combines the market mean price with Fibonacci bands to identify structural expansion and value zones.

Wedson highlighted that both the CVDD Channel and the Fibonacci-Adjusted Market Mean Price have revealed “eerily accurate levels” of support and resistance throughout Bitcoin’s price history. Currently, these metrics are pointing to $117,000 as a level that could provide resistance to the upward movement of the Bitcoin price.

In the end, Wedson concluded that this zone could be critical to the market leader’s . However, the Alphractal founder advised Bitcoin investors to wait for a clear, sustained breakout above $118,000 to confirm that bullish momentum is back.

Bitcoin Price At A Glance

As of this writing, the price of BTC stands at around $115,905, reflecting no significant change in the past 24 hours.