Analysts who correctly predicted Bitcoin’s correction before the halving last year believe BTC is on its way to new highs.
Rekt capital, an analyst who goes by the pseudonym Rekt, tells 105,000 YouTube users that Bitcoin is about to enter a new price discovery phase. This prediction was based on historical patterns.
Price discovery is referred to by crypto traders and analysts as the situation in which a coin trades on levels it has never traded before.
We’re seeing the U-shaped reverse already. What is the signal we must see to transition from the first price discovery trend into the second? This corrective phase is almost over. It’s not like we have reached new highs in a sustainable way. It’s true that we have reached new highs. But I would like to see the candle bodies reach new highs to show that this breakout is sustainable and that it will continue to rise. It is important to confirm that we have broken those old highs, and the final resistance level on the weekly chart .”
Analysts say that Bitcoin may reach a new price level once it surpasses $104,671 on the weekly chart.
Bitcoin currently trades for $103,621.
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The information in this article Bitcoin will be off to the races once the “final major resistance” breaks, says an analyst – here’s his target may change as new developments unfold.
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