Bitcoin
Cryptocurrency Analyst Says Bitcoin Not Ready for $65K Retest, But Could It Reach $71,500?
Cryptocurrency Analyst Rekt Capital provided insights into Bitcoin’s future trajectory. Based on his analysis, the flagship cryptocurrency may not yet be ready for its next leg, which could see it rise again above $70,000.
Bitcoin Not Ready to Establish $65,000 as New Support Yet
Capital Rekt claimed in an X (old Twitter) publish that Bitcoin is not yet ready for a successful retest of the $65,000 level as new support. For the cryptocurrency to establish $65,000 as the new support level, the analyst stated that a retest similar to what happened in May earlier this year would be needed. According to Capital RektThis will confirm a return to the $65,000 to $71,500 region.
Bitcoin breaking $65,000 is crucial as this will also confirm that the bearish trend is over, as the leading cryptocurrency is still at risk of falling back to the $60,000 range, albeit still below $65,000. Meanwhile, as Rekt Capital observedBitcoin above the $65,000 support would mean it is ready to revisit its previous top above $70,000.
Bitcoin rising above $70,000 and reaching $71,500 will inspire confidence among investors that the bull run is well on its way again. Cryptography expert Michael van de Poppe had already highlighted the $70,000 range as the level Bitcoin must break to surpass its current level All-Time High (ATH) of US$ 73,750.
Cryptocurrency analyst Altcoin Sherpa also recently featured three scenarios that could play out for Bitcoin from its current price level. He stated that the flagship cryptocurrency could either drop to $63,000 and “return the pump,” drop to $60,000 and return the pump, or dump to $60,000 while enjoying some relief bounces and then “die” after dropping to $60,000. However, the analyst is more hopeful that Bitcoin will simply break through this level without any pullback and rally to $70,000.
What to expect from BTC heading into the later parts of the cycle
Cryptocurrency Analyst Dann Crypto shared his expectations for Bitcoin heading into the latter parts of this bull run. He stated that Bitcoin will enjoy a run up to the US presidential election due to the easy narrative of a potential President and Vice President of Crypto. He expects this rally to also happen thanks to a potential top-line cut and just “general excitement” after Bitcoin has ranged for about four months.
Daan Crypto also alluded to the Ethereum ETFs in Spotlightdescribing them as a “wildcard” as they could “accelerate the rally,” but it all depends on how much demand these ETFs enjoy. Once this Bitcoin rally is complete, Daan Crypto expects the market to experience another local top, with this likely happening during 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 4-year cycle. Daan Crypto noted that this 4-year cycle has always worked and there is no reason why it won’t work this time. He warned market participants not to get fixated on a specific target as the market top for Bitcoin and instead advised them to be fluid.
Featured image created with Dall.E, chart from Tradingview.com