Bitcoin has recovered from its twelve-day low of just below $98,000 on Monday to reach an intraday high of $103,100 during the Tuesday morning Asian trading session. The asset only spent a few hours in the five-figure territory, finding solid support from which to bounce.
On Jan. 28, analyst ‘Rekt Capital’ said that Bitcoin had completed its first price discovery uptrend and most likely completed its initial price discovery correction.
“Bitcoin should be able to embark on its second price discovery uptrend to new highs,” if history rhymes over the next two weeks, they added.
Bitcoin has competed its 1st Price Discovery Uptrend
BTC has most likely completed its 1st Price Discovery Correction
History suggests over the next two weeks…
Bitcoin should be able to embark on its second Price Discovery Uptrend to new highs$BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) January 27, 2025
Bitcoin Price Discovery
Price discovery is when buyers and sellers set the spot price or the fair price of an asset, and new territory is when BTC moves higher to mark new all-time highs.
The analyst observed that in week 14 of the 2017 cycle, Bitcoin was recovering from its first price discovery correction only to make new highs in week 16.
In the same week of the 2021 cycle, BTC was still just bottoming on its first price discovery correction, only to make new highs in week 16, he added.
It is the fourteenth week of the 2025 cycle right now, he said, with the implication that by mid-February, the second phase could begin, if history rhymes.
The analyst also said that it was still “relatively early on” in the Bitcoin “parabolic phase” of this cycle, which has historically lasted around 300 days on average. It is currently day 82 of this parabolic phase.
Meanwhile, the crypto community is lamenting American TV personality Jim Cramer mentioning Bitcoin again. “You should own Bitcoin. Bitcoin is a great thing to have in your portfolio,” he said on CNBC’s Mad Money on Monday.
Cramer is known for his controversial opinions on Bitcoin, which change like the wind, and his jinxing of markets when he makes another one of his predictions.
JUST NOW – JIM CRAMER: “you should own Bitcoin, Bitcoin is a great thing to have in your portfolio”
oh no pic.twitter.com/m6IdAssu2G
— Inverse Cramer (@CramerTracker) January 28, 2025
Elsewhere on Crypto Markets
Total market capitalization is down slightly to $3.65 trillion despite Bitcoin’s recovery, which means that the altcoins are still in pain.
Ethereum dumped to $3,036 before recovering to reclaim $3,200, but it remains weak, having lost more than 6% so far this month.
The rest of the altcoins started to recover yesterday’s losses during early trading in Asia on Tuesday morning, with XRP reclaiming $3 and Solana approaching $240.
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