Bitcoin Nears New Price Discovery Rally; Analysts Predict Mid-November Peak
Bitcoin (BTC) is showing a positive trend, reclaiming key support levels and reaching a two-month high of $123,894 after a 3% increase. The cryptocurrency has surged 14% from recent lows, regaining the $115,000-$117,000 zone and surpassing the crucial $120,000 mark.
- Analyst Rekt Capital noted BTC’s daily close above $120,000 could lead to a move towards the $123,000 resistance, similar to mid-August's all-time high of $124,474.
- Ted Pillows emphasized holding the $120,000-$121,000 range is vital for further highs, warning a drop below could see $117,000 retested as support.
- Both analysts suggest Bitcoin's price may not face another significant correction soon, with September historically being a bottoming month.
- Crypto Jelle forecasts potential price discovery resuming next week if BTC maintains its current level.
Rekt Capital outlined possible timelines for Bitcoin's cycle top, suggesting it could be within the next two weeks to two months based on past post-halving patterns.
- The analyst predicts an extended cycle or a third Price Discovery Uptrend before the bear market, potentially pushing the peak into 2025.
- If BTC follows previous cycles, the peak might occur around mid-November, aligning with a pattern of increasing peak timelines by 30 days post-halving.
