Crypto Trader Says Bitcoin on Cusp of Price Discovery Phase, Sees Ethereum Attacking December Highs

Bitcoin Crypto Ethereum

Crypto Trader Says Bitcoin on Cusp of Price Discovery Phase, Sees Ethereum Attacking December Highs

The analyst who accurately called Bitcoins pre-halving correction last year believes BTC is on the verge of igniting rallies en route to new all-time highs.

Pseudonymous analyst Rekt Capital tells his 546,700 followers on the social media platform X that Bitcoin needs to take out its last resistance area at around $105,000 to trigger a breakout into price discovery.

Source: Rekt Capital/X

In crypto trading, price discovery generally refers to an asset soaring to uncharted territory and new all-time high levels.

With Bitcoin struggling to take out the resistance for now, Rekt says that BTC may need to first revisit a key level below $100,000 and flip it into support before the crypto king erupts.

Source: Rekt Capital/X

At time of writing, Bitcoin is worth $102,473.

Looking at Ethereum, Rekt says that ETH has surged into a new trading range after last weeks 40% eruption. According to the trader, the doors are now open for ETH to attack its 2024 highs close to $4,000.

Source: Rekt Capital/X

At time of writing, ETH is worth $2,469.