Market Strategist Says Bitcoin Downtrend Is Finally Over, Here’s Where Price Is Headed Next
19 Julio 2024 - 9:30AM
NEWSBTC
A market strategist has declared that Bitcoin (BTC), the world’s
largest cryptocurrency, has finally concluded its downtrend.
According to the strategist, Bitcoin may be heading to a new price
target, driven by the positive shift in its market value.
Bitcoin Downtrend Is Over A crypto analyst identified as ‘Rekt
Capital’ on X (formerly Twitter) has announced to his 484,500
followers that Bitcoin’s prolonged downward trend was officially
over. The analyst, who has been monitoring the cryptocurrency’s
market and price actions, has suggested that Bitcoin may be getting
ready for a robust recovery. Related Reading: MOVR Bulls
Assemble: Crypto Analyst Says A 2,000% Surge To $234 Is Imminent
Rekt Capital has also disclosed that a fresh uptrend has begun for
the pioneer cryptocurrency. The crypto analyst shared a detailed
price chart depicting Bitcoin’s price movements in 2024,
highlighting the cryptocurrency’s current price position. With
Bitcoin steadily moving out of bearish trends, Rekt Capital
predicts that the cryptocurrency could see its price surging
between $65,000 to $71,500. The analyst revealed that for Bitcoin
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 disclosed that
Bitcoin is currently trying to claim the $65,000 mark, however this
price range is acting as a resistance level. He also noted that
Bitcoin will have to close daily above $65,000 before it can fully
enjoy a trend continuation to the upside. Despite Rekt
Capital’s optimistic projections for Bitcoin’s price, the
cryptocurrency has recently recorded slight declines in its value.
CoinMarketCap’s data reveals that Bitcoin’s price declined by 1.35%
in the last 24 hours. Although Bitcoin was on an uptrend over
the past week, increasing by a whopping 11.98%, its price is still
reflecting a bit of volatility and experiencing significant drops
in its daily trading volume. Santiment has also reported that
the amount of Bitcoin holders has dropped aggressively, driven by
traders’ belief that the March all-time high was the highest
Bitcoin’s price would reach in 2024. On the flip side, the market
intelligence platform has suggested that large-scale liquidations
such as this will likely increase the probability of a continued
rebound for Bitcoin. BTC Holds Steady Near $65,000 Resistance In
another X post, crypto analyst, Aksel Kibar highlighted Bitcoin’s
recent price actions, emphasizing that the cryptocurrency has been
testing resistance levels around $65,000 for the past five months.
Sharing a detailed chart of Bitcoin’s price movements from 2011 to
2025, Kibar disclosed that Bitcoin was holding on strong, only
witnessing slight price deviations which possibly indicates
sustained interest from investors. Related Reading: Prophet
Brandon Briggs Predicts XRP Price Explosion To $10,000 The analyst
has interpreted Bitcoin’s recent behavior as a positive sign for a
long-term bullish outlook. Kibar also noted that when a
cryptocurrency lingers near a specific resistance level without a
significant sell-off, it often signals an imminent breakout.
Featured image created with Dall.E, chart from Tradingview.com
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