Bitcoin - Week 7 in Price Discovery

🎄 Christmas Holiday Announcement 🎄

As we head into the holiday season, we’ll be closing our virtual doors December 23 - January 3 to give everyone time to rest, recharge, and enjoy some well-deserved moments in the warm company of family, friends, and significant others.

As a result, the next newsletter will be published on Monday the 6th of January 2025.

Thank you for a phenomenal 2024 thus far and I cannot wait to see what 2025 has in store in the crypto markets for us.

Wishing you a Merry, Merry Christmas and a Happy New Year 2025!

Welcome to the Rekt Capital Newsletter, a resource for investors who want to better navigate the crypto markets with the help of cutting-edge crypto research and unbiased market analysis.

Bitcoin's Short-Term Ranges

Bitcoin has finally managed to reclaim the $100k region as support on the second time of trying, after failing its retest of said level a few days prior to successful retest.

And in successfully retesting the Range High of $100k as support, price has confirmed a breakout from the range and enabled a rally into new All Time Highs once again.

Last week, we spoke about how price was retesting a key Weekly level:

And price has turned this level into new support:

But like I alluded to last week as well, Bitcoin is slowly transitioning into a phase in its Price Discovery where corrections have historically tended to occur.

And for those Price Discovery corrections to begin, BTC needs to failed key higher timeframe retests, for example a Weekly retest.

Now that Bitcoin is in Week 7, the likelihood of a first Price Discovery correction is increasing.

After all, Bitcoin retraced -75% in Week 7 of its first Price Discovery Uptrend in 2013 and retraced -34% in Week 8 after fully confirming its first Price Discovery Uptrend in 2017.

Will history repeat?

Or will Bitcoin go against the grain of history?