Crypto analyst Rekt Capital has provided insight into Bitcoin’s future trajectory. Based on its analysis, the flagship crypto may not be ready for its next move up, which it could see climbing back above $70,000.
Bitcoin is not yet ready to establish $65,000 as new support
Rekt Capital claimed in an X (formerly Twitter) after that Bitcoin is not quite ready for a successful retest of the $65,000 level as new support. For the crypto to reach $65,000 as a new support level, the analyst stated that it would require a similar residual test to the one that took place sometime in May earlier this year. According to Rekt CapitalThis will confirm a break in the $65,000 to $71,500 region.
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Establishing $65,000 for Bitcoin is critical as that will also confirm that the downtrend is over as the flagship crypto is still at risk of falling to the $60,000 range while still below $65,000. Meanwhile as Rekt Capital notedIf Bitcoin holds above the $65,000 support, it would mean it is ready to revisit its support previous top above $70,000.
Bitcoin rising above $70,000 and even reaching $71,500 will give investors confidence that the running of the bulls is well on its way again. Crypto expert Michael van de Poppe had said that before marked the $70,000 range as the level Bitcoin needs to beat to surpass its current one all-time high (ATH) of $73,750.
Crypto analyst Altcoin Sherpa too recently highlighted three scenarios that could play out for Bitcoin from the current price level. He claimed that the flagship crypto could dump to $63,000 and “return the pump,” dump to $60,000, and pump or dump to $60,000, while it enjoys some relief, and then “die” after dumping to $60,000. However, the analyst is most hopeful that Bitcoin will break above this level without any pullback and rise to $70,000.
What to Expect as BTC Enters the Final Parts of the Cycle
Crypto analyst Dann Crypto shared his expectations for Bitcoin heading into the final parts of this bull run. He claimed that Bitcoin will have a run-up to the US presidential election because of the easy narrative of a potential crypto president and vice president. He expects this rally to also happen thanks to a potential top-tier downgrade and just the “general excitement” after Bitcoin had been falling for about four months.
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Daan Crypto also alluded to the Discover Ethereum ETFs, describing them as a “wildcard” because they could “accelerate the rally,” but it all depends on how much demand these ETFs have. Once this Bitcoin rally is over, Daan Crypto expects the market to experience another local top, likely happening in the new year.
The crypto analyst predicts that the final rally in this bull run will occur in the second half of 2025, as part of the four-year cycle. Daan Crypto noted that this four-year cycle has always worked and there is no reason why it wouldn’t work this time. He cautioned market participants against becoming fixated on a particular target as the market top for Bitcoin and instead he advised them to be fluid.
Featured image created with Dall.E, chart from Tradingview.com