As a seasoned market analyst with over a decade of experience in the financial industry, I have witnessed numerous price movements and trends in various asset classes. The recent announcement by ‘Rekt Capital’ regarding Bitcoin’s (BTC) alleged end to its prolonged downtrend has piqued my interest.
As a researcher studying the cryptocurrency market, I’ve recently come across an intriguing declaration from a market strategist. They believe that Bitcoin (BTC), the leading cryptocurrency, has reached the end of its downtrend. According to their analysis, Bitcoin may be gearing up for a new price target due to the significant positive change in its market value.
Bitcoin Downtrend Is Over
A well-known crypto expert named “Rekt Capital” on platform X (previously Twitter) shared the news with his 484,500 followers, declaring an end to Bitcoin’s extended price slump. Having closely studied Bitcoin’s market movements, Rekt Capital believes a strong rebound may be imminent for the cryptocurrency.
Expert: Rekt Capital has announced that a new upward trend is underway for Bitcoin, the first cryptocurrency. They presented an extensive price chart illustrating Bitcoin’s price fluctuations throughout the year 2024, emphasizing its current value placement.
According to Rekt Capital’s analysis, Bitcoin is expected to leave its bearish phase behind and potentially soar in value between $65,000 and $71,500. In order to reach this bullish prediction, Bitcoin must first break through the resistance level of $65,000 and establish a new price pattern while maintaining a consistent value.
Rekt Capital revealed that Bitcoin is making an attempt to reach the $65,000 threshold, but this area serves as a significant hurdle for its price progression. For Bitcoin to proceed with its uptrend, it must first surpass $65,000 in daily closing prices.
Although Rekt Capital anticipates a rise in Bitcoin’s price based on their predictions, the digital currency has experienced minor setbacks as evidenced by a 1.35% decrease in value within the past day, according to CoinMarketCap’s figures.
Despite a remarkable 11.98% rise in Bitcoin’s value during the last week, the cryptocurrency continues to display some instability, as evidenced by noticeable price decreases and sizeable declines in its daily transaction activity.
According to Santiment’s analysis, the number of Bitcoin holders has declined significantly, with some traders believing that the March all-time high represented the peak price for 2024. However, Santiment also posits that massive sell-offs like this could lead to a higher likelihood of Bitcoin experiencing a rebound.
BTC Holds Steady Near $65,000 Resistance
Crypto analyst Aksel Kibar pointed out in a recent post on X that Bitcoin has been challenging resistance at the $65,000 mark for nearly half a year. He presented an extensive chart of Bitcoin’s price history from 2011 to 2025, revealing that the cryptocurrency has remained robust despite minor fluctuations, suggesting continued investor enthusiasm.
An analyst’s interpretation of Bitcoin’s current actions points towards a favorable long-term perspective. Additionally, Kibar mentioned that when a cryptocurrency hovers around a particular resistance threshold without a substantial decline, it might be indicative of an upcoming price surge.
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2024-07-19 17:46