The analyst who accurately called Bitcoin’s pre-halving correction last year believes BTC is on the verge of igniting rallies en route to new all-time highs.

Pseudonymous analyst Rekt Capital tells his 546,700 followers on the social media platform X that Bitcoin needs to take out its last resistance area at around $105,000 to trigger a breakout into price discovery.

“Can Bitcoin Weekly Close above the Range High of its recently reclaimed Re-Accumulation Range to kickstart the breakout process?

Bitcoin is on the cusp of beginning Price Discovery Uptrend two.”

In crypto trading, price discovery generally refers to an asset soaring to uncharted territory and new all-time high levels.

With Bitcoin struggling to take out the resistance for now, Rekt says that BTC may need to first revisit a key level below $100,000 and flip it into support before the crypto king erupts.

“That means that unless BTC is able to break $104,500 Range High resistance, then anything within that price range would be fair game [this] week.

And if the Lower High needs to be turned into support (like in the Post-Halving period; blue circle), dips into $97,000 would satisfy that retest.”

At time of writing, Bitcoin is worth $102,473.

Looking at Ethereum, Rekt says that ETH has surged into a new trading range after last week’s 40% eruption. According to the trader, the doors are now open for ETH to attack its 2024 highs close to $4,000.

“Ethereum [has printed a] Weekly Close in its $2,200-$3,900 Macro Range.

Weekly Closes above $2,200 have historically set off uptrends across the Range (blue circle).

Any dips, if needed at all, would solidify $2,200 as Range Low support.”

At time of writing, ETH is worth $2,469.

Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix

Generated Image: Midjourney