A market strategist has declared that Bitcoin (BTC), the world’s largest cryptocurrency, has finally concluded its downtrend. Based on the strategist, Bitcoin may be heading to a modern price goal, driven by the positive shift in its market value.
Bitcoin Downtrend Is Over
A crypto analyst identified as ‘Rekt Capital’ on X (formerly Twitter) has announced to his 484,500 followers that Bitcoin’s prolonged downward trend was officially over. The analyst, who has been monitoring the cryptocurrency’s market and price actions, has suggested that Bitcoin may be preparing for a robust recovery.
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Rekt Capital has also disclosed that a fresh uptrend has begun for the pioneer cryptocurrency. The crypto analyst shared an in depth price chart depicting Bitcoin’s price movements in 2024, highlighting the cryptocurrency’s current price position.
Source: X
With Bitcoin steadily moving out of bearish trends, Rekt Capital predicts that the cryptocurrency could see its price surging between $65,000 to $71,500. The analyst revealed that for Bitcoin to reach this bullish price goal, it could actually must successfully break past $65,000 to form a modern red cluster of price motion while maintaining a stable value.
Rekt Capital disclosed that Bitcoin is currently trying to claim the $65,000 mark, nonetheless this price range is acting as a resistance level. He also noted that Bitcoin can have to shut every day above $65,000 before it should probably fully enjoy a trend continuation to the upside.
Despite Rekt Capital’s optimistic projections for Bitcoin’s price, the cryptocurrency has recently recorded slight declines in its value. CoinMarketCap’s data reveals that Bitcoin’s price declined by 1.35% inside the last 24 hours.
Although Bitcoin was on an uptrend over the past week, increasing by a whopping 11.98%, its price stays to be reflecting a bit little bit of volatility and experiencing significant drops in its every day trading volume.
Santiment has also reported that the amount of Bitcoin holders has dropped aggressively, driven by traders’ belief that the March all-time high was the most effective Bitcoin’s price would reach in 2024. On the flip side, the market intelligence platform has suggested that large-scale liquidations comparable to it should likely increase the probability of a continued rebound for Bitcoin.
BTC Holds Regular Near $65,000 Resistance
In a single other X post, crypto analyst, Aksel Kibar highlighted Bitcoin’s recent price actions, emphasizing that the cryptocurrency has been testing resistance levels around $65,000 for the past five months. Sharing an in depth chart of Bitcoin’s price movements from 2011 to 2025, Kibar disclosed that Bitcoin was holding on strong, only witnessing slight price deviations which possibly indicates sustained interest from investors.
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The analyst has interpreted Bitcoin’s recent behavior as a positive sign for a long-term bullish outlook. Kibar also noted that when a cryptocurrency lingers near a specific resistance level with no significant sell-off, it often signals an imminent breakout.
BTC price above $65,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com