Rekt Capital Cryptocurrency Analyst provided insight into Bitcoin’s future trajectory. Based on his analysis, the flagship cryptocurrency may not yet be ready for the next stage of growth that could see it climb back above $70,000.
Bitcoin Not Ready to Establish Modern Support at $65,000 Yet
Rekt Capital reported in X (formerly Twitter) fasting that Bitcoin is not yet ready for a successful retest of the $65,000 level as up-to-date support. The analyst stated that for the cryptocurrency to establish $65,000 as a up-to-date support level, a similar retest that took place in May of this year will be needed. According to Rekt Capitalwhich will confirm a return to the $65,000-$71,500 range.
Bitcoin reaching $65,000 is key as it will also confirm that the downtrend is over as the flagship cryptocurrency still risks a drop to $60,000 while still remaining below $65,000. Meanwhile, Rekt Capital says recordedBitcoin staying above the $65,000 support level would indicate that it is ready to reconsider its previous peak above $70,000.
Bitcoin’s rise above $70,000 and reaching $71,500 will give investors confidence that running of the bulls is in progress. Cryptocurrency expert Michael van de Poppe has previously illuminated $70,000 range as the level that Bitcoin needs to overcome to surpass its current value All-time High (ATH) in the amount of $73,750.
Cryptocurrency analyst Altcoin Sherpa also recently featured three scenarios that could play out for Bitcoin from its current price level. He claimed that the flagship cryptocurrency could drop to $63,000 and “return to the pump,” drop to $60,000 and return to the pump, or drop to $60,000 while enjoying some relief bounces, and then “die” after falling to $60,000. However, the analyst’s biggest hope is that Bitcoin will simply break through that level without any pullback and rise to $70,000.
What to expect from BTC as we enter the later parts of the cycle
Cryptocurrency Analyst Dann Crypto shared his expectations for Bitcoin in the final phase this bull runHe claimed that Bitcoin would enjoy a surge ahead of the US presidential election due to the effortless narrative of potential crypto President and Vice President. He expects this rally to also come on the back of a potential first-order drop and just “general excitement” after Bitcoin has been volatile for about four months.
Daan Crypto also mentioned Spot ETFs Ethereumdescribing them as “a bit of a wild card” because they could “accelerate the rally,” but it all depends on how much demand these ETFs enjoy. Once this Bitcoin rally ends, Daan Crypto expects the market to experience another local top, which will likely happen over the course of the up-to-date year.
The cryptocurrency analyst predicts that the final rally in this bull market will occur in the second half of 2025, as part of a 4-year cycle. Daan Crypto noted that this 4-year cycle has always worked and there is no reason why it won’t work this time. He warned market participants not to focus on a specific goal, because market high for bitcoin and recommended liquidity to them instead.
Featured image created with Dall.E, chart from Tradingview.com
