Crypto analyst Rekt Capital has provided insights into the Bitcoin future trajectory. Based on his evaluation, the flagship crypto won’t yet be ready for its next leg up, which could see it climb back above $70,000.
Bitcoin Not Yet Ready To Establish $65,000 As Recent Support
Rekt Capital claimed in an X (formerly Twitter) post that Bitcoin is just not quite ready just yet for a successful retest of the $65,000 level as recent support. For the crypto to ascertain $65,000 as the brand new support level, the analyst stated that it might need an identical restest just like the one which happened sometime in May earlier this 12 months. In line with Rekt Capital, this may confirm a break back into the $65,000 to $71,500 region.
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Source: X
Bitcoin establishing $65,000 is crucial as that can even confirm that the downtrend is over because the flagship crypto still risks dropping to the $60,000 range while still below $65,000. Meanwhile, as Rekt Capital noted, Bitcoin holding above the $65,000 support would mean that it’s able to revisit its previous top above $70,000.
Source: X
Bitcoin rising above $70,000 and reaching as high as $71,500 will encourage confidence amongst investors that the bull run is well underway again. Crypto expert Michael van de Poppe had before now highlighted the $70,000 range as the extent for Bitcoin to beat in an effort to surpass its current all-time high (ATH) of $73,750.
Crypto analyst Altcoin Sherpa also recently highlighted three scenarios that might play out for Bitcoin from its current price level. He claimed that the flagship crypto could dump to $63,000 and “return the pump,” dump to $60,000, and return the pump or dump to $60,000 while having fun with some relief bounces after which “die” after it dumps to $60,000. Nevertheless, the analyst is most hopeful that Bitcoin just break above this level with none pullback and rise to $70,000.
What To Expect From BTC Heading Into The Latter Parts Of The Cycle
Crypto analyst Dann Crypto shared his expectations for Bitcoin heading into the latter parts of this bull run. He claimed that Bitcoin will enjoy a run-up heading into the US Presidential elections as a result of the straightforward narrative of a possible crypto President and Vice President. He expects this rally to also occur due to a possible first-rate cut and just the “overall excitement” after Bitcoin had ranged for about 4 months.
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Daan Crypto also alluded to the Spot Ethereum ETFs, describing them as a “little bit of a wildcard” since they may “speed up the rally,” nevertheless it all relies on how much demand these ETFs enjoy. Once this Bitcoin rally is completed, Daan Crypto expects that the market will experience one other local top with this prone to occur throughout the recent 12 months.
The crypto analyst predicts that the ultimate rally on this bull run will are available in the latter half of 2025, as a part of the 4-year cycle. Daan Crypto noted that this 4-year cycle has all the time worked and that there isn’t a reason why it shouldn’t work this time around. He warned market participants to not get fixated on a selected goal because the market top for Bitcoin and as a substitute, advised them to be fluid.
BTC price at $64,800 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com