About a month ago, we shared about the Alpha Price and mentioned that BTC rarely exceeds the value of the Alpha Price (Red Line)
Since then, it hasn't surpassed this resistance, which at the time was around $74K. Now, with the price sideways and changes in Blockchain data, the new major resistance is at $85,650, but the big concern for the Bulls is losing a lower level currently at $50,900. Historically, when Bitcoin falls below Alpha Price 2, it's a strong signal that the medium-term trend is turning Bearish. So, until the $50k mark, we consider it a normal corrective process in a bull cycle, even though a significant portion of short-term investors (up to 6 months) are already at a loss. However, dropping below 50K could indicate a strong downturn is on the way, and an early cycle shift is likely to occur in 2024.

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