Crypto Analyst Says Bitcoin Is Not Ready For $65,000 Retest, But Can It Reach $71,500?
18 Julio 2024 - 5:30PM
NEWSBTC
Crypto analyst Rekt Capital has provided insights into the Bitcoin
future trajectory. Based on his analysis, the flagship crypto might
not yet be ready for its next leg up, which could see it climb back
above $70,000. Bitcoin Not Yet Ready To Establish $65,000 As
New Support Rekt Capital claimed in an X (formerly Twitter) post
that Bitcoin is not quite ready just yet for a successful retest of
the $65,000 level as new support. For the crypto to establish
$65,000 as the new support level, the analyst stated that it would
need a similar restest like the one which happened sometime in May
earlier this year. According to Rekt Capital, this will confirm a
break back into the $65,000 to $71,500 region. Related Reading:
PEPE Explosion Imminent: Analyst Predicts Price Will Rocket To
$0.00004128 ATH Bitcoin establishing $65,000 is crucial as that
will also confirm that the downtrend is over as the flagship crypto
still risks dropping to the $60,000 range while still below
$65,000. Meanwhile, as Rekt Capital noted, Bitcoin holding above
the $65,000 support would mean that it is ready to revisit its
previous top above $70,000. Bitcoin rising above $70,000 and
reaching as high as $71,500 will inspire confidence among investors
that the bull run is well underway again. Crypto expert Michael van
de Poppe had before now highlighted the $70,000 range as the level
for Bitcoin to beat in order to surpass its current all-time high
(ATH) of $73,750. Crypto analyst Altcoin Sherpa also recently
highlighted three scenarios that could play out for Bitcoin from
its current price level. He claimed that the flagship crypto could
dump to $63,000 and “return the pump,” dump to $60,000, and return
the pump or dump to $60,000 while enjoying some relief bounces and
then “die” after it dumps to $60,000. However, the analyst is most
hopeful that Bitcoin just break above this level without any
pullback and rise to $70,000. What To Expect From BTC Heading
Into The Latter Parts Of The Cycle Crypto analyst Dann Crypto
shared his expectations for Bitcoin heading into the latter parts
of this bull run. He claimed that Bitcoin will enjoy a run-up
heading into the US Presidential elections due to the easy
narrative of a potential crypto President and Vice President. He
expects this rally to also happen thanks to a potential first-rate
cut and just the “overall excitement” after Bitcoin had ranged for
about four months. Related Reading: Crypto Analyst
Predicts 450% Move For Shiba Inu To Reach New All-Time High Daan
Crypto also alluded to the Spot Ethereum ETFs, describing them as a
“bit of a wildcard” since they could “accelerate the rally,” but it
all depends on how much demand these ETFs enjoy. Once this Bitcoin
rally is done, Daan Crypto expects that the market will experience
another local top with this likely to happen during the new
year. The crypto analyst predicts that the final rally in
this bull run will come in the latter half of 2025, as part of the
4-year cycle. Daan Crypto noted that this 4-year cycle has always
worked and that there is no reason why it shouldn’t work this time
around. He warned market participants to not get fixated on a
particular target as the market top for Bitcoin and instead,
advised them to be fluid. Featured image created with Dall.E,
chart from Tradingview.com
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