Cryptocurrency analyst Rekt Capital has recently provided insights into the future trajectory of Bitcoin. According to his analysis, the flagship cryptocurrency might not be ready just yet for its next leg up, which could potentially see it climb back above the $70,000 mark. Rekt Capital mentioned in a post on X (formerly Twitter) that Bitcoin is currently not prepared for a successful retest of the $65,000 level as new support. In order for Bitcoin to establish $65,000 as a new support level, the analyst suggested that it would require a similar retest to the one that occurred earlier in May this year. This confirmation will solidify a break back into the $65,000 to $71,500 region. It is crucial for Bitcoin to secure $65,000 as a support level to signal that the downtrend is over, as the flagship cryptocurrency still faces the risk of dropping to the $60,000 range while remaining below $65,000. Rekt Capital also highlighted that if Bitcoin manages to hold above $65,000, it will be ready to revisit its previous peak above $70,000.
Cryptocurrency expert Michael van de Poppe previously pointed out that the $70,000 range is a significant level for Bitcoin to surpass in order to exceed its current all-time high (ATH) of $73,750. Furthermore, another crypto analyst, Altcoin Sherpa, outlined three potential scenarios for Bitcoin’s price movement from its current level. He suggested that Bitcoin could either drop to $63,000 and then see a bounce back, drop to $60,000 and experience a resurgence, or drop to $60,000 with intermittent relief bounces before a potential decline. However, Altcoin Sherpa expressed optimism that Bitcoin would break above these levels without any significant pullback and rise to $70,000.
Crypto analyst Dann Crypto shared his expectations regarding Bitcoin’s trajectory in the latter stages of the current bull run. He anticipated a rally leading up to the US Presidential elections, fueled by the easy narrative of a potential crypto-friendly President and Vice President. In addition, he predicted that this rally would be supported by a possible interest rate cut and a general sense of excitement after Bitcoin had been trading in a range for approximately four months. Dann Crypto speculated on the impact of Spot Ethereum ETFs, describing them as a wildcard factor that could potentially accelerate the rally, depending on the level of demand for these ETFs. After the conclusion of this expected Bitcoin rally, Dann Crypto foresees the market reaching another local peak, likely to occur in the new year. Looking ahead, the analyst predicted that the final rally of this bull run would take place in the latter half of 2025, in line with the 4-year cycle pattern. He emphasized the historical consistency of this cycle and expressed confidence in its continued relevance for Bitcoin’s future performance.
Various cryptocurrency analysts have offered diverse perspectives and projections on Bitcoin’s future trajectory, highlighting key levels, potential scenarios, and upcoming market trends. While opinions may vary, the overall sentiment appears to be cautiously optimistic, with a focus on critical support levels, significant price targets, and external factors influencing Bitcoin’s price movements. Investors and enthusiasts alike will be closely monitoring these developments to gain insights into the evolving landscape of the cryptocurrency market.
