Cryptocurrency analytics firm Alphractal has identified a key cluster of on-chain support for Bitcoin between $56,000 and $71,000, signaling a potential buying opportunity.
According to their latest report, this range showed high levels of transactions, miner fees, hash rate, and miner revenue; factors that historically indicate strong market support.
If Bitcoin approaches or breaks below $71,000, analysts at Alphractal suggest that a bottom is likely to form as underlying fundamentals could strengthen market sentiment and influence miner behavior.
According to analysts, historically, onchain clusters have formed in critical price zones such as:
- $200-$400
- $2,000 – $5,000
- $6,000 – $12,000
- $15,000 – $26,000
These past support levels have often preceded significant price moves, making the current range one to watch closely.
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Joao Wedson, CEO of Alphractal, said in his statement that the real altcoin season is about to begin. He believes that the cryptocurrency market has entered a strategic accumulation phase, especially for altcoins:
“We are at a strategic moment to accumulate solid projects before the next big rally. Keep an eye on newly launched projects.”
Wedson is particularly bullish on gaming-themed altcoins, citing their undervaluation and potential for exponential growth ahead of the release of GTA 6 in late 2025.
This is not investment advice.
