Bitcoin Analyst Predicts New All-Time Highs as Price Discovery Phase Looms
Renowned analyst Rekt Capital, who accurately predicted Bitcoin’s pre-halving correction last year, is now suggesting that the leading cryptocurrency may be gearing up to reach new all-time highs.
In a recent video shared with his 105,000 YouTube subscribers, Rekt Capital highlighted a historical pattern that indicates Bitcoin could be on the cusp of exiting a corrective phase and entering a new price discovery phase. Price discovery refers to a scenario where a coin trades at levels never before seen in its history.
“We’re already seeing this U-shaped reversal. So what is the confirmation signal that we need to see before we transition into the second price discovery uptrend? Because this corrective period is pretty much over. We haven’t really broken to new highs sustainably. We have made new all-time highs, but I’d like to see candle body new all-time highs just to showcase that this is a sustainable breakout and that we’re going to continue rallying higher. We need to see confirmation of breaking those old all-time highs and that final major resistance on the weekly time frame.”
Rekt Capital believes that Bitcoin’s price discovery phase could kick off once it surpasses the $104,671 level on the weekly chart.
“The takeaway is very very simple: weekly close above this final major resistance and we might very well be off to the races.”
As of the time of writing, Bitcoin is trading at $103,621.
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The image accompanying this article is courtesy of Midjourney.
With Bitcoin’s potential to reach new all-time highs looming, investors and enthusiasts alike are eagerly watching for confirmation signals that could propel the leading cryptocurrency into a new era of price discovery. Stay tuned for more updates on Bitcoin’s price movements and market trends.