Bitcoin enthusiasts and investors are buzzing as the leading cryptocurrency makes headlines with its recent price movements. As the weekend unfolds, Bitcoin is not just reclaiming lost ground but is setting the stage for what some experts anticipate could be a significant price discovery rally. Analysts are keeping a keen eye on the charts, and predictions suggest that mid-November could witness a peak in Bitcoin’s price.
Bitcoin’s Recent Performance
The past week has been particularly favorable for Bitcoin. On Friday, the cryptocurrency surged nearly 3%, reaching a two-month high of $123,894. This marks a notable recovery from the previous week’s correction, with Bitcoin climbing a substantial 14% from its local lows. Earlier in the week, Bitcoin managed to reclaim the crucial $115,000-$117,000 zone—a support level that proved vital during the early Q3 rally. By Thursday, Bitcoin had surpassed the essential $120,000 barrier, further fueling optimism among investors.
The bullish momentum hasn’t gone unnoticed. Renowned analyst Rekt Capital highlighted that Bitcoin managed to secure a daily close above the $120,000 mark, avoiding a retest of the recently reclaimed $117,000 level. Historically, a daily close above this threshold, followed by a successful post-breakout retest, has paved the way for a move towards the $123,000 resistance level. This pattern mirrors the daily performance that led to Bitcoin’s mid-August all-time high (ATH) of $124,474.
Support and Resistance Levels
Market watcher Ted Pillows added his insights, noting that if Bitcoin can maintain its position within the $120,000-$121,000 range, it could soon reach new highs. However, he also cautioned that losing this support could lead to a retest of the $117,000 level. Despite these concerns, Pillows remains optimistic about the short-term outlook, suggesting that a significant correction is unlikely. Historical data supports this view, with Bitcoin often bottoming out in September. Since 2016, the cryptocurrency has bottomed seven times in September, hinting that the recent pullback may have been the last significant dip for the year.
Price Discovery and Future Projections
Analyst Crypto Jelle is among those forecasting an imminent price discovery phase. He believes that if Bitcoin holds the $120,000 level over the weekend and closes above it on the weekly chart, it will set a robust foundation for the anticipated Q4 rally. The notion of Bitcoin entering a “Price Discovery Uptrend 3” has captured the attention of many market participants.
Rekt Capital has offered a potential timeline for Bitcoin’s cycle top, drawing from previous post-halving performances. According to his 2025 roadmap, Bitcoin might experience an extended cycle or a third Price Discovery Uptrend before entering a bear market. This scenario could push the cycle peak into the latter stages of 2025. In a video analysis, Rekt Capital suggested that Bitcoin’s peak could occur within the next two weeks to two months. He noted that following the 2016 Halving event, Bitcoin peaked around 520 days later, while it topped nearly 550 days after the 2020 event.
Historical Patterns and Cycle Predictions
If Bitcoin were to mimic its 2017 timeline, it would have peaked around September, implying that the August ATH was the cycle top. However, Rekt Capital dismissed this possibility, suggesting that a repeat of the 2021 price action is more plausible. In this scenario, Bitcoin would need to peak in the coming weeks. There’s also a third possibility, where Bitcoin tops around mid-November. This timeline aligns with the theory that the cycle peak timeline is extending by approximately 30 days each cycle, indicating that this cycle’s peak could occur around the 580-day mark post-halving.
A Balanced Viewpoint
While the bullish sentiment is palpable, it’s essential to maintain a balanced perspective. Market volatility remains a significant factor, and unforeseen events could impact Bitcoin’s trajectory. Investors are advised to remain cautious and consider the broader economic landscape when making decisions.
In conclusion, Bitcoin’s recent performance has reignited interest and speculation about its future price movements. With analysts providing varied timelines and scenarios, the coming weeks promise to be eventful for the cryptocurrency market. As always, investors should stay informed and prepared for any potential shifts in the market.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
