Bitcoin Shows Potential for Price Rise, Says Analyst

Crypto analyst Rekt Capital has stated that Bitcoin (BTC) is looking bullish after it successfully retested a strong support level.

In a message to 548,000 followers on social media platform X, Rekt Capital indicated that Bitcoin is on the verge of entering an “upward trend in price discovery.”

Price discovery is essentially the phase where an asset’s price moves into new territory, prompting both buyers and sellers to agree on its value.

Rekt Capital notes:

“Bitcoin Price Discovery Roadmap:

Bitcoin is currently in transition.

Prices are set to retest the re-accumulation range and shift into an upward trend in price discovery.

It’s possible to experience some volatility during this retest.”

Furthermore, Rekt Capital suggests that BTC might signal a movement above $104,400 weekly, indicating a successful retest of the demand zone and a setup for higher prices.

“The retest continues to be successful.

Can Bitcoin maintain this retest at or above $104,400 for four consecutive weeks?”

Traders emphasize the need to examine daily charts closely, ensuring BTC breaks its immediate resistance to support a continuation of this bullish trend.

“On the daily timeframe, Bitcoin appears to have broken the two-week downward trend and is shifting to support…

Daily closures and a retest around $106,600 would be ideal for the trend to persist.”

As of now, BTC is trading at $105,528.