Bitcoin Gearing Up for New Price Discovery Uptrend, Analyst Says

Crypto analyst Rekt Capital highlights Bitcoin’s bullish outlook after a successful retest of a crucial support level. He indicates that a weekly close above $104,400 could signal further price increases. Rekt Capital also notes the importance of flipping immediate resistance into support to confirm a bullish trend.

A prominent crypto analyst is expressing bullish sentiments about Bitcoin’s (BTC) future after it successfully retested a crucial support level. Rekt Capital, who boasts a following of 548,000 on social media platform X, suggests that Bitcoin is in a solid position for what he calls a “price discovery uptrend.” This term essentially means that Bitcoin could be entering a phase where its value might reach new heights, as buyers and sellers adjust their expectations.

Rekt Capital has laid out what he refers to as a “Bitcoin Price Discovery Roadmap.” According to him, the cryptocurrency is currently at a crossroads. He elaborates that Bitcoin is attempting to retest its ReAccumulation Range, which is essential for transitioning into a Price Discovery Uptrend. He also warns that this period may experience volatility, indicative of the uncertainties in the market.

The analyst believes that a weekly close above $104,400 could signal a successful retest of the demand zone, a key indicator for a potential price surge. He emphasizes, “The retest continues to be successful. Can Bitcoin confirm this with a weekly close above $104,400 for the fourth consecutive week?” This closing price could set a foundation for future upward movement.

On a more detailed level, he reviews the daily chart and notes that Bitcoin needs to maintain its price above immediate resistance levels. Closing above this level could flip resistance into support, confirming a continuation of the bullish trend. He points out, “On the daily timeframe, Bitcoin shows signs of breaking its two-week downtrend while turning it into support. A closing and retest around $106,600 would significantly enhance the chances for trend continuity.”

As of the latest update, Bitcoin is trading at approximately $105,528. This figure places it comfortably between critical support and resistance levels, marking a pivotal moment for potential traders. Investors are encouraged to stay updated by following The Daily Hodl for more analyses.

As always, investors are reminded to conduct their due diligence. The opinions shared on The Daily Hodl should not be taken as investment advice. Engaging in high-risk investments like Bitcoin or other digital assets carries its own risks, and you are encouraged to be aware of potential losses.