Bitcoin - Price Discovery Uptrend 2 Begins
When Will Bitcoin Peak?
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The Post-Breakout Retest
Last week we spoke about how Bitcoin has ended its Downside Deviation period and also positioned itself for a post-breakout retest from the Re-Accumulation Range:
Here's an update to this chart:
The post-breakout retest was successful and technically, Bitcoin has fully confirmed its breakout into Price Discovery Uptrend 2.
Technically, Price Discovery Uptrend 2 has only just begun.
In fact, it is only Week 2 of the Price Discovery Uptrend 2.
Going forward, all Bitcoin needs to do is hold above the Re-Accumulation Range High of $104500.
Over the previous two weeks, Bitcoin has been successfully retesting this Range High as new support, confirming the breakout.
Any dips into the old Range High could technically occur as part of normal volatility, but are they needed to propel price into Price Discovery Uptrend 2 continuation?
On the macro however, history is suggesting Bitcoin is transitioning into Price Discovery Uptrend 2 and that a future Price Discovery Correction 2 always lays ahead.
And seeing as this has BTC cycle has been a story of Re-Accumulation Ranges, there is a good chance that price will try to form yet another Re-Accumulation Range after this Price Discovery Uptrend 2...
And then enter a Price Discovery Correction 2 of anything between -25% to -35% to produce yet another Downside Deviation below the ReAccumulation Range Low (future orange circle) before resuming upside into a likely Price Discovery Uptrend 3.
Key Weekly Levels
Effectively, Bitcoin has turned the two most important resistances that price previously rejected from ($104300 in Dec 2024 and $102500 in January 2025) into new supports over the past two weeks-worth of retesting.
And so technically, with these Weekly levels as supports, price just needs to continue holding them and it is just the upside wicking resistances from December 2024 and January 2025 that stand in the way of additional Price Discovery.