A market strategist stated this Bitcoin (BTC)The world’s largest cryptocurrency, finally has ended its downward trend. According to the strategist, Bitcoin may be on its way to a new price target, driven by the positive shift in market value.
Bitcoin’s downward trend is over
A crypto analyst identified as ‘Rekt Capital’ on X (formerly Twitter) has done just that announced to his 484,500 followers who have Bitcoin long-term downward trend was officially over. The analyst, who has been monitoring the cryptocurrency’s market and price action, has suggested that Bitcoin may be gearing up for a robust recovery.
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Rekt Capital also revealed that a new uptrend has begun for the pioneer cryptocurrency. The crypto analyst shared a detailed price chart with images Bitcoin price movements in 2024, highlighting the cryptocurrency’s current price position.
With Bitcoin steadily coming out of bearish trends, Rekt Capital predicts that the price of the cryptocurrency could rise between $65,000 and $71,500. The analyst revealed that if Bitcoin wants to reach this bullish price target, it will have to successfully break past $65,000 to form a new red cluster of price action while maintaining a stable value.
Rekt Capital announced this Bitcoin is currently trying to claim the $65,000 mark, but this price range acts as a resistance level. He also noted that Bitcoin will need to close above $65,000 daily before it can fully enjoy an upward trend continuation.
Despite that of Rekt Capital optimistic projections for the price of Bitcoin, the cryptocurrency has recently recorded slight declines in its value. CoinMarketCap data shows that the price of Bitcoin has fallen by 1.35% over the past 24 hours.
Although Bitcoin is on a upward trend The price is up as much as 11.98% over the past week, still reflecting some volatility and experiencing significant declines in daily trading volume.
Santiment has done that too reported that the amount of Bitcoin holders has fallen aggressively, driven by traders’ belief that the all-time high in March was the highest price Bitcoin would reach in 2024. On the other hand, the market intelligence platform has suggested that large-scale liquidations such as this will likely increase the chances of a sustained recovery for Bitcoin.
BTC remains steady near $65,000 resistance
In another X messageCrypto analyst Aksel Kibar highlighted Bitcoin’s recent price action and emphasized that the cryptocurrency is testing resistance levels around $65,000 for the past five months. Kibar shared a detailed overview of Bitcoin’s price movements between 2011 and 2025 and revealed that Bitcoin held strong and witnessed only slight price deviations possibly indicating continued investor interest.
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The analyst has interpreted Bitcoin’s recent behavior as a positive sign for one bullish long-term outlook. Kibar also noted that when a cryptocurrency stalls near a specific resistance level without a significant sell-off, it often signals an impending breakout.
Featured image created with Dall.E, chart from Tradingview.com