As a seasoned crypto investor with several years of experience under my belt, I find Rekt Capital’s analysis thought-provoking and insightful. Based on his assessment, Bitcoin seems to be in a crucial phase where establishing $65,000 as the new support level is essential for the bull run to continue.
According to the cryptocurrency expert, Rekt Capital, Bitcoin‘s future price trend may not be prepared for another significant increase just yet. This potential rise could potentially push the value of Bitcoin over $70,000 once again.
Bitcoin Not Yet Ready To Establish $65,000 As New Support
Rekt Capital asserted in a recent post on X (previously Twitter) that Bitcoin hasn’t quite reached the point where it can successfully revisit the $65,000 mark as new support. To establish this level as a reliable support zone, Bitcoin would first need to undergo another test similar to the one experienced in May 2021. This confirmation would then signal a return to the price range between $65,000 and $71,500.
Reaching $65,000 for Bitcoin holds significant importance because it could signal the end of the downtrend. If Bitcoin fails to surpass this level, there’s a possibility it may slide back down towards $60,000. On the other hand, if Bitcoin manages to sustain itself above $65,000, analyst Rekt Capital suggests that it could potentially retest its previous peak beyond $70,000.
If Bitcoin surpasses $71,500 and climbs above its previous record high of $73,750 at $70,000, investors will be reassured that the bull market is regaining strength according to cryptocurrency analyst Michael van de Poppe. He had earlier indicated that Bitcoin needing to conquer the $70,000 threshold was a key hurdle for it to surpass its current record high.
Crypto expert Altcoin Sherpa has outlined three possible directions for Bitcoin’s price movement starting from its current level. The first possibility is a significant drop to $63,000, followed by a rebound back up. Another scenario suggests a decline to $60,000 with brief rebounds before potentially crashing further. Lastly, the analyst speculates that Bitcoin may breach this level without any major pullback and soar towards $70,000. Of these possibilities, the expert is optimistic about the last outcome.
What To Expect From BTC Heading Into The Latter Parts Of The Cycle
Crypto analyst Dann Crypto expressed his views on Bitcoin’s anticipated price movement during the late stages of this bull market. He posited that Bitcoin could witness a surge prior to the US Presidential elections, fueled by the simple narrative surrounding possible crypto candidates for president and vice president. Additionally, he attributed this potential rally to the speculation of a first interest rate cut and the overall excitement following Bitcoin’s price stability for approximately four months.
Daan Crypto referred to Spot Ethereum ETFs as an uncertain factor, implying they could amplify the ongoing Bitcoin rally significantly based on their popularity. However, according to Daan Crypto’s prediction, after the Bitcoin price surge subsides, the market may reach another local peak around the new year.
A cryptocurrency analyst, Daan Crypto, anticipates that the peak of the current bull market for Bitcoin will occur in the second half of 2025 based on the consistent four-year cycle pattern. He emphasizes that this trend has held true historically and sees no reason why it would deviate now. However, he urges investors to remain adaptable rather than focusing solely on a specific price target as market conditions may change.
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2024-07-19 01:34