The set of solutions can be written as table, segmented by e'th powers of $2$ :
t | e=0 | e=1 | e=2 | e=3 | e=4 | ...
----+--------------------------+----------------------------+----------------------------+-----------------------------+------------------------------+----
| ... | ... | ... | ... | ... |
-4| 56*2^2 = (-15)^2-1 | 105*2^3 = (-29)^2-1 | 203*2^4 = (-57)^2-1 | 399*2^5 = (-113)^2-1 | 791*2^6 = (-225)^2-1 |
-3| 30*2^2 = (-11)^2-1 | 55*2^3 = (-21)^2-1 | 105*2^4 = (-41)^2-1 | 205*2^5 = (-81)^2-1 | 405*2^6 = (-161)^2-1 |
-2| 12*2^2 = (-7)^2-1 | 21*2^3 = (-13)^2-1 | 39*2^4 = (-25)^2-1 | 75*2^5 = (-49)^2-1 | 147*2^6 = (-97)^2-1 |
|
-1| 2*2^2 = (-3)^2-1 | 3*2^3 = (-5)^2-1 | 5*2^4 = (-9)^2-1 | 9*2^5 = (-17)^2-1 | 17*2^6 = (-33)^2-1 |
0| 0*2^2 = (1)^2-1 | 1*2^3 = (3)^2-1 | 3*2^4 = (7)^2-1 | 7*2^5 = (15)^2-1 | 15*2^6 = (31)^2-1 |
|
1| 6*2^2 = (5)^2-1 | 15*2^3 = (11)^2-1 | 33*2^4 = (23)^2-1 | 69*2^5 = (47)^2-1 | 141*2^6 = (95)^2-1 |
2| 20*2^2 = (9)^2-1 | 45*2^3 = (19)^2-1 | 95*2^4 = (39)^2-1 | 195*2^5 = (79)^2-1 | 395*2^6 = (159)^2-1 |
3| 42*2^2 = (13)^2-1 | 91*2^3 = (27)^2-1 | 189*2^4 = (55)^2-1 | 385*2^5 = (111)^2-1 | 777*2^6 = (223)^2-1 |
4| 72*2^2 = (17)^2-1 | 153*2^3 = (35)^2-1 | 315*2^4 = (71)^2-1 | 639*2^5 = (143)^2-1 | 1287*2^6 = (287)^2-1 |
| ... | ... | ... | ... | ... |
----+--------------------------+----------------------------+----------------------------+-----------------------------+------------------------------+----
meaning always $$n_2 \cdot 4\cdot 2^e = n_1 ^2 -1 \tag 1 $$
Here $n_2=f_e(t)$ can be written as a quadratic and $n_1=g_e(t)$ as a linear polynomial in $t \in \mathbb Z$. The shown data would have rowindices $t$ in the interval $t=-4..+4$.
We can construct the polynomials in $t$ from the values in a column with the rowindex taken as $t$ in the interval $-4...4$ and can then write
$$ \begin{array} {}
f_e(t) &= 4 \cdot 2^e \cdot t \cdot (t+1)-2 \cdot t+2^e-1 \\
g_e(t) &= 4 \cdot 2^e \cdot t+2 \cdot 2^e-1
\end{array} \tag 2$$
A better memorizable version is this:
$$ \begin{array} {}
f_e(t) = 2^e \cdot (2 t +1)^2-(2 t+1) \\
g_e(t) = 2^e \cdot 2 \cdot (2 \cdot t+1 )-1
\end{array} \tag 3$$
and replacing the odd values $2t+1$ by $u \in \mathbb Z $ \ $ 2 \mathbb Z $ gives the even shorter:
$$ \begin{array} {}
f_e(u) = u \cdot (2^e \cdot u-1) \\
g_e(u) = 2 \cdot (2^e \cdot u-1)+1
\end{array} \tag 4$$
To prove equality according to (1) it suffices to expand and insert this into the equation (1):
$$ 4 \cdot 2^e \cdot f_e(u) = g_e(u)^2 - 1 \tag 5$$
We find the equality in a few steps.
Relation to Sil's and EricSnyder's comments and @WillJagy's analysis:
in the table the $4$'th and $5$'th rows contain the cases,
where $n_2 \lt \mid n_1 \mid $, which has been problematized
by Will Jagy's answer; his notation $(2^k,x,y)$ there is
my notation $(4 \cdot 2^e,n_1,n_2)$ here.
Update: This idea seems to allow to proceed to a proof, that there are
only finitely many other orbits towards zero than that of $n_1=2^k \pm 1$
with $k>2$ (or $4 \cdot 2^e$ with $e>0$), and that there are no cycles
and that thus all other orbits diverge infinitely.
The critical two types of $n_1$ occur regularly in row $t=-1$ and $t=0$,
so we need only find $n_1$ where the related $n_2$ has the form $2^k \pm 1$ in the
other rows $t<-1 $ or $t>0$, which would iterate then to the center rows and
thus to zero.
(a): Searching the rectangle $(t,e)=(-800...800,1..31)$ we find only three solutions:
$$ (t,e,n_1,n_2) \in \{ (1,2,23,33), (-23,1,-181,4095), (1,1,11,15) \} \tag 6$$
so $n_1=11$, $n_1=23$ and $n_1=181$ iterate towards zero.
(b): Now it could happen, that the $n_1$ values $(23),(181),(11)$ occur as $n_2$ values
elsewhere, with three other values $n_1$ and are thus themselves iterates.
But this does not happen, and fortunately we need only a finite searchspace
to prove this: using the ordering of the $n_2$ values in a column and along the
rows.
So if we could prove, that indeed the three cases (a) are the only ones, we had
solved the problem in the OP. It seems to me, that an "A. Baker"-style proof
might be possible to limit the search-space to a finite rectangle,
but I've not so much expertise to do that on my own, at least at the moment.
But there are results about the distance of squares and powers of $2$ available,
so maybe we need only refer to one of that results.
See for instance this recent question in MSE and especially Mike Bennet's answer.
Update2: Proof for (eq.6)
The case is indeed solvable; there is an article of Laszlo Szalai, 2001 who deals with a slightly generalized form of the question, from which by
- Theorem1 (Szalay) "if the positive integers n,m, and x with $n \gt m$ satisfy $$2^{n-m} + 1 = {x^2-1\over 2^m} $$
then (...uninteresting cases omitted...) (iii) $(n,m,x) \in \{(5,4,7),(9,4,23) \}$."
The case $x=23$ is exactly that cases where $x$ is not of the form $2^k - 1$ and yet $f_e(x)$ is of that form and thus $x$ can iterate towards zero.
- Theorem2 (Szalay) "if the positive integers n,m, and x with $n \gt m$ satisfy $$2^{n-m} - 1 = {x^2-1\over 2^m} $$
then (...uninteresting cases omitted...) (iii) $(n,m,x) \in \{(5,3,5),(7,3,11),(15,3,181) \}$."
The cases $x=11$ and $x=181$ are exactly that cases where $x$ is not of the form $2^k + 1$ and yet $f_e(x)$ is of that form and thus both $x$ can iterate towards zero.
Thus: we have the proof, that
- the three cases found in (eq 6) $$ (t,e,n_1,n_2) \in \{ (1,2,23,33), (-23,1,-181,4095), (1,1,11,15) \} $$ are the only solutions not in the rows $4$ and $5$ ($t=-1$ or $t=0$) in the above table, which iterate towards zero.
- Since all other cases not in the rows $4$ and $5$ ($t=-1$ or $t=0$) increase by one iteration, all that other cases must diverge to infinity.
Szalay, László: The equations $2^N \pm 2^M \pm 2^L = z^2 $, Indag. Mathem. N.S., 131-142, 2002. See the downloadable links at the comments/answer of my earlier question in MO
Update3: Curious fact on the iteration of $a_1=13$. The fractional part of the double-log to base 2 seems to converge to some limit. See the protocol of the first 30 iterations (odd steps only):
k log_2(log_2(a_k))
-----------------------
[1, 1.88769671439]
[2, 2.13498231840]
[3, 2.53140883896]
[4, 2.91881409881]
[5, 3.59984673966]
[6, 4.26670326276]
[7, 5.02226916018]
[8, 5.95409288384]
[9, 6.88253436364]
[10, 7.85787043544]
[11, 8.84851166124]
[12, 9.84223857933]
[13, 10.8390917800]
[14, 11.8379099584]
[15, 12.8371215392]
[16, 13.8367271679]
[17, 14.8365299418]
[18, 15.8364559751]
[19, 16.8364066619]
[20, 17.8363820046]
[21, 18.8363727580]
[22, 19.8363681347]
[23, 20.8363658230]
[24, 21.8363635114]
[25, 22.8363627408]
[26, 23.8363623555]
[27, 24.8363622111]
[28, 25.8363621147]
[29, 26.8363620786]
[30, 27.8363620606]
Couldn't proceed further due to digit-length of occuring integers $a_k$ with finite memory...
Defining
$$b=2^{2^{0.836362060564583494096400006341-3}} \approx
1.1673140482117283628568828285728 ...$$
then it seems, we get approximation $a_k \to b^{2^k}$ depending on increasing precision of $b$ in the