Bitcoin Will Be Off to the Races Once the ‘Final Major Resistance’ Breaks, Says Analyst – Here’s His Target

An analyst who nailed Bitcoin’s pre-halving correction last year says BTC may be on the verge of printing new all-time highs.

The analyst pseudonymously known as Rekt Capital tells his 105,000 YouTube subscribers that Bitcoin may be about to exit a corrective phase and enter another price discovery phase based on a historical pattern.

Crypto traders and analysts refer to price discovery as a situation where a coin trades at levels never seen before 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.”

The analyst says that price discovery may ignite once Bitcoin overcomes 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.”

Bitcoin is trading for $103,621 at time of writing.

 

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