One widely followed crypto analyst says that Bitcoin (BTC) is convincingly breaking out and on track to have a series of big rallies after printing a new all-time high Wednesday of about $94,800.
Pseudonymous crypto analyst Rekt Capital tells his 505,900 followers on the social media platform X that Bitcoin appears to have entered the most explosive phase of the market cycle based on historical precedence.
“The BTC dip is over. The first price discovery uptrend continues.”
Crypto traders and analysts refer to price discovery as a situation where a coin trades at levels never seen before or not in seen in a long time.
After convincingly breaking out through the $91,070 level, Rekt Capital says that Bitcoin is now just beginning a bullish price discovery phase, based on previous bull market cycles.
“Bitcoin is continuing its price discovery uptrend as per history. Bitcoin is still in the very early stages of this price discovery uptrend as well.”
In a recent strategy session on YouTube, the analyst says that while corrections will arise, Bitcoin is currently in a “buy-the-dip” situation, with “altcoin season” potentially arising in the future as well.
“Now we’re going to see this price discovery uptrend really start to emerge and flourish. But of course, at some point in the future, weeks away still, we’re going to have a multi-week price discovery correction, and even before then, we’re going to have dipping opportunities. So it’s really important to be prepared for both.
At the moment, it is buy-the-dip season, and it’s also altcoin season, but then at some point we’re going to see strictly Bitcoin season, and then we’re going to see a season where everything pulls back, and that’s going to be one of the more higher probability dollar-cost averaging moments in the market for both altcoins and Bitcoin, and it’s a high probability correction because the first price discovery correction is typically the one where we reverse from into an uptrend.”
Bitcoin is trading for $94,025 at time of writing.
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Source: https://dailyhodl.com/2024/11/20/bitcoin-smashes-another-all-time-high-as-crypto-analyst-says-breakout-confirmed-for-btc/