Cryptocurrency Analyst Rekt Capital He offered insights into Bitcoin’s future trajectory. Based on his analysis, the leading cryptocurrency may not be ready for its next move yet, which could make it Back to over $70k.
Bitcoin Not Yet Ready to Set $65,000 as New Support
Rect Capital Claimed on X (formerly Twitter) mail Bitcoin is not quite ready yet for a successful retest of the $65,000 level as new support. For the cryptocurrency to establish $65,000 as new support, the analyst stated that it would need a similar retest to the one that occurred sometime in May earlier this year. According to Rect CapitalThis would confirm a return to the $65,000 to $71,500 area.
Related reading
Bitcoin reaching the $65,000 level is crucial as it would also confirm that the downtrend is over, with the leading cryptocurrency still at risk of falling to the $60,000 range while still below $65,000. Meanwhile, as Rekt Capital notes, maleBitcoin remaining above the $65,000 support level means that it is ready to reconsider its price. Previous high above $70k.
Bitcoin price rising above $70,000 and reaching $71,500 would instill confidence among investors that bull run It started off well again. Cryptographer Michael van de Poppe had already beaten him to it. Spotlight $70K Range as Level Bitcoin Must Overcome in Order to Break Out of Current Price All Time High (ATH) From $73,750.
Cryptocurrency analyst Altcoin Sherpa also Recently highlighted Three scenarios that could happen to Bitcoin from its current price level. He claimed that the leading cryptocurrency could drop to $63,000 and “rebound,” then drop to $60,000, then rebound or drop to $60,000 with some bounces and then “die” after dropping to $60,000. However, the analyst is very optimistic that Bitcoin will break this level without any pullback and rise to $70,000.
What to expect from Bitcoin in the latter parts of the cycle
Cryptocurrency Analyst Dan Crypto He shared his predictions about Bitcoin in the last parts of This bull is runningHe claimed that Bitcoin will enjoy a price surge ahead of the US presidential election due to the easy narrative of the possibility of President & Vice President of CryptocurrencyThis rise is also expected to be driven by a potential first-order cut and “general excitement” after Bitcoin’s price ranged for about four months.
Related reading
Daan Crypto also pointed out that Ethereum ETFsHe described them as “a bit of a wild card” because they could “accelerate the rally,” but it all depends on how much demand there is for these ETFs. Once the Bitcoin rally is over, Daan Crypto expects the market to see another local top, and that is likely to happen in the new year.
The cryptocurrency analyst expects the final surge in this rally to come in the second half of 2025, as part of a 4-year cycle. Dan Crypto pointed out that this 4-year cycle has always been successful and there is no reason why it cannot succeed this time. He warned market participants against focusing on a specific target because Bitcoin Market Peak Instead, he advised them to be flexible.
Featured image created using Dall.E, chart from Tradingview.com