One market strategist stated that Bitcoin (BTC)The world’s largest cryptocurrency, finally It ended its downtrend.According to the strategist, Bitcoin may head towards a new price target, driven by a positive shift in its market value.
Bitcoin’s downtrend is over
Cryptocurrency analyst identified as ‘Rekt Capital’ on X (formerly Twitter) Advertise To his 484,500 followers, he said that Bitcoin prolonged downtrend It’s officially over. An analyst who has been monitoring the cryptocurrency market and price movements has suggested that Bitcoin may be preparing for a Strong recovery.
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Rekt Capital has also revealed that a new bullish trend has begun for the leading cryptocurrency. The crypto analyst has shared a detailed price chart depicting Bitcoin price movements In 2024, highlighting the current cryptocurrency price position.
As Bitcoin steadily emerges from bearish trends, Rect Capital pridect The cryptocurrency could see its price rise between $65,000 and $71,500, the analyst said. open In order for Bitcoin to reach this bullish price target, it will have to successfully break the $65,000 level to form a new red set of price action while maintaining a stable value.
Rect Capital revealed that Bitcoin Bitcoin is currently trying to reach the $65,000 level, but this price range is acting as a resistance level. He also noted that Bitcoin must close above $65,000 daily before it can fully enjoy the continuation of the bullish trend.
Although Rekt Capital Optimistic expectations As for the price of Bitcoin, the cryptocurrency has recently risen. recorded slight decreases In value. CoinMarketCap data reveals that the price of Bitcoin has fallen by 1.35% in the last 24 hours.
Although Bitcoin was on Uptrend Over the past week, Bitcoin has gained a massive 11.98% in value, but its price continues to reflect a degree of volatility and is seeing significant declines in its daily trading volume.
Santiment also has Reported That amount Bitcoin holders It fell sharply, driven by traders’ belief that the all-time high in March was the highest price Bitcoin would reach in 2024. On the other hand, the market intelligence platform suggested that Large scale qualifiers This is likely to increase the likelihood of Bitcoin’s continued recovery.
Bitcoin Holds Steady Near $65,000 Resistance Level
in another place X PostCryptocurrency analyst Axel Kibar has highlighted Bitcoin’s recent price movements, asserting that the cryptocurrency has been testing… Resistance levels around $65,000 Over the past five months, Kibar shared a detailed chart of Bitcoin price movements from 2011 to 2025, revealing that Bitcoin has been strong, with only a slight decline. slight price deviations Which perhaps indicates continued interest from investors.
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The analyst interpreted Bitcoin’s recent behavior as a positive sign for Long-term bullish outlookKibar also noted that when a cryptocurrency remains near a certain resistance level without a major sell-off, it often signals an impending breakout.
Featured image created using Dall.E, chart from Tradingview.com