Bitcoin Price Analysis: Rekt Capital Bullish on BTC as It Retests Support Level
Renowned crypto analyst Rekt Capital has shared insights on the current state of Bitcoin (BTC), indicating a bullish outlook after a successful retest of a strong support level.
Bitcoin Moving Towards Price Discovery Uptrend
Rekt Capital, who has a substantial following on social media, believes that Bitcoin is primed to enter a “price discovery uptrend.” This term refers to the phase when the price of an asset explores uncharted territory, leading to negotiations between buyers and sellers to establish its value.
In a recent tweet, Rekt Capital outlined the roadmap for Bitcoin’s price discovery:
“Bitcoin Price Discovery Roadmap:
Bitcoin is currently in a transitional phase.
Price is trying to successfully post-breakout retest its ReAccumulation Range to transition into Price Discovery Uptrend 2.
A volatile retest/deviation here could occur.”
Rekt Capital emphasized that Bitcoin closing above $104,400 for the week could signal a successful retest of the demand zone, paving the way for higher prices.
“The retest continues to be successful. Can Bitcoin successfully confirm this retest with a Weekly Close above $104400 for what would be a 4th week in a row?”
Technical Analysis and Price Targets
Examining the daily chart, Rekt Capital pointed out that Bitcoin needs to surpass its immediate resistance level and convert it into support to solidify a bullish trend continuation.
“On the Daily timeframe, Bitcoin is showcasing signs of breaking its two-week Downtrend (light blue) while also turning it into support. Daily Closing & retesting ~$106,600 (black) would be even better to enable trend continuation.”
As of the latest update, Bitcoin is trading at $105,528, with potential for further upward movement.
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