Crypto analyst Rekt Capital has analyzed the future trajectory of Bitcoin, suggesting that the crypto might not be ready for its next leg up towards $70,000 just yet. According to Rekt Capital, Bitcoin is not yet prepared to establish $65,000 as a new support level. For Bitcoin to confirm $65,000 as a support level, it would need a similar retest to the one that occurred earlier this year in May, which would confirm a break back into the $65,000 to $71,500 region.
Establishing $65,000 as a crucial support level is essential as it would confirm the end of the downtrend. Without adequate support above $65,000, Bitcoin still risks dropping to the $60,000 range. Rekt Capital also indicated that if Bitcoin holds above $65,000, it would signify readiness to revisit its previous top above $70,000. This rise above $70,000 would inspire confidence among investors, indicating a strong bull run is in progress.
Other crypto analysts like Michael van de Poppe and Altcoin Sherpa have also provided insights into potential scenarios for Bitcoin. Van de Poppe highlighted the $70,000 range as a crucial level for Bitcoin to surpass its all-time high of $73,750. Altcoin Sherpa presented three scenarios for Bitcoin’s future, including a potential dump to $63,000 with a return to the pump, dump to $60,000 with a return to the pump, or a dump to $60,000 followed by a decline. However, the analyst remains hopeful for Bitcoin to break above these levels and rise to $70,000 without any significant pullback.
Looking ahead into the latter parts of the current bull run, crypto analyst Dann Crypto shared his expectations for Bitcoin. He anticipates a run-up in Bitcoin’s price leading into the US Presidential elections, fueled by the potential narrative of a crypto-friendly President and Vice President. Additionally, he expects a rally due to a possible interest rate cut and overall excitement after Bitcoin was in a consolidation phase for several months. Daan Crypto also mentioned Spot Ethereum ETFs as potential catalysts that could accelerate the rally, depending on demand.
Daan Crypto predicts that a final rally in the current bull run will occur in the latter half of 2025, following the 4-year cycle pattern. He emphasized the importance of not fixating on a specific target for Bitcoin’s market top and advised market participants to remain adaptable. By following these insights from various crypto analysts, investors can gain a better understanding of Bitcoin’s potential future trajectory and make informed decisions in the volatile cryptocurrency market.
