Bitcoin On The Cusp Of New Price Discovery Rally: Analyst Forecasts Mid-November Peak

As the market recovers, Bitcoin (BTC) is kicking off the weekend on a positive note by reclaiming another crucial support ￰0￱ analysts suggest that the cryptocurrency is setting the stage for a new price discovery rally, which could start sooner than ￰1￱ Reading: Solana (SOL) ‘Uptober’ Begins With $220 Retest – Is It Ready For Second ‘Expansion Wave’? Bitcoin Eyes Third Price Discovery Uptrend On Friday, Bitcoin jumped nearly 3% to hit a two-month high of $123,894. The flagship crypto has seen a massive recovery from last week’s correction, surging 14% from the local ￰2￱ this week, BTC reclaimed the $115,000-$117,000 area, which served as a key support zone during the early Q3 rally, before surging to the crucial $120,000 barrier on ￰3￱ its bullish performance, analyst Rekt Capital highlighted that Bitcoin was able to secure a daily close above this level, skipping a retest of the recently reclaimed $117,000 ￰4￱ explained that a daily close above $120,000, followed by a successful post-breakout retest, has historically preceded a move to the $123,00 resistance, with a nearly identical daily performance leading to the mid-August all-time high (ATH) of $124,474.

Meanwhile, market watcher Ted Pillows noted that if BTC successfully holds the $120,000-$121,000 zone, it will reach highs ￰5￱ the contrary, he warned that losing this area could lead to a retest of the $117,000 as support. Nonetheless, he considers that Bitcoin’s price might not see another massive correction in the short term, as history suggests the cryptocurrency might have bottomed during the late-September pullback. “BTC historically bottoms in ￰6￱ 2016, Bitcoin has bottomed 7 times in September. (…) Historically, this means BTC bottom is most likely in and it won’t go lower than $107K,” he ￰7￱ Crypto Jelle forecasted that price discovery could resume as early as next week, pointing out that holding the $120,000 level as support over the weekend and closing above it in the weekly timeframe would set a strong base for the long-awaited Q4 ￰8￱ BTC’s Top A Few Weeks Away?

As the flagship cryptocurrency is on the “cusp of entering Price Discovery Uptrend 3,” Rekt Capital also shared a potential timeline for Bitcoin’s cycle top based on its previous post-halving ￰9￱ analyst previously shared his 2025 roadmap for BTC’s rally, suggesting that it could see an extended cycle or potentially enjoy a third Price Discovery Uptrend before the bear market, which would push the cycle peak into deeper stages of ￰10￱ a video analysis, he suggested that BTC’s top could arrive in the next two weeks to two ￰11￱ he explained, Bitcoin peaked around 520 days after the 2016 Halving event, while it topped nearly 550 days after the 2020 ￰12￱ it had repeated its 2017 timeline, BTC would have had to peak around September, meaning that the August ATH was the cycle ￰13￱ analyst dismissed this possibility, suggesting that a repeat of its 2021 price action was more ￰14￱ this case, BTC would need to peak in the next two ￰15￱ Reading: Analyst Forecast Ethereum (ETH) Breakout To $6,900 As Price Retests Crucial Resistance However, Rekt Capital laid a third scenario in which Bitcoin tops around ￰16￱ timeline would follow the theory that the cycle peak timeline is increasing by 30 days at a time, signaling that this cycle’s peak would happen around the 580-day mark post-halving.

“If we are looking at the four-year cycle, the most important thing is to just wrap everything up in candle one. That’s historically what’s been the case,” he explained. “So, at least two weeks and maybe still a month and a half to a maximum of two ￰17￱ beyond that, I don’t think we’ll be lengthening.” Featured Image from Unsplash. com, Chart from ￰18￱