As Bitcoin (BTC) attempts to turn the $110,000 resistance into support, some analysts believe its price discovery rally has just started, forecasting new highs for the flagship crypto.<\/p>\n
Last week, Bitcoin\u2019s momentum propelled its price to its new all-time high (ATH) of $111,814 before retracing to its current range. Over the weekend, Bitcoin confirmed its breakout<\/a> into its second Price Discovery Uptrend, following its successful retest of the $104,500 mark as support.<\/p>\n The cryptocurrency has been in a significant market recovery for over a month, rallying nearly 50% from April lows. Analyst Rekt Capital noted<\/a> that BTC ended its downside deviation period and positioned itself for a retest of its key re-accumulation range during early May\u2019s surge, which was successfully reclaimed and surpassed.<\/p>\n The analyst considers that its new Price Discovery Uptrend has \u201conly just begun,\u201d as Bitcoin starts Week 2 of this phase. Rekt Capital highlighted that this cycle has been \u201ca story of Re-Accumulation Ranges,\u201d which signals that a new range will likely form after this Price Discovery.<\/p>\n Meanwhile, history suggests a second Price Discovery Correction is ahead as Bitcoin transitions into its new Price Discovery Uptrend.<\/p>\n During its future correction, BTC will likely retrace between 25%-35% \u201cto produce yet another Downside Deviation below the Re-Accumulation Range Low (future orange circle) before resuming<\/a> upside into a likely Price Discovery Uptrend 3.\u201d<\/p>\n In the meantime, \u201cAll Bitcoin needs to do is hold above the Re-accumulation Range High of $104,500\u201d to continue its price discovery rally.<\/p>\n Notably, the flagship crypto has been retesting the range high as support over the past two weeks, confirming the breakout<\/a>. As such, dipping into the previous $92,000-$104,500 range\u2019s upper zone could happen as \u201cpart of normal volatility.\u201d<\/p>\n Moreover, it turned another key resistance, the $102,500 mark, into support during this period, which it had previously been rejected from in January 2025. With these levels as support, Rekt Capital considers that only the December 2024 and January 2025 upwicks, at $108,353 and $109,588, stand in the way of additional Price Discovery.<\/p>\n$110,000 Breakout Next?<\/h2>\n