Upon analyzing the insights provided by crypto analyst Rekt Capital, it seems that Bitcoin may not be prepared for its next significant move upwards. According to Rekt Capital, Bitcoin is currently not at a stage where it is ready for a successful retest of the $65,000 level as a new support level. In order for Bitcoin to establish $65,000 as a solid support level, the analyst suggests that a retest similar to the one in May of this year would be necessary. Confirming a break back into the $65,000 to $71,500 region is crucial for Bitcoin to secure $65,000 as a support level, marking the end of the downtrend and preventing a potential drop to the $60,000 range.
Rekt Capital emphasizes the importance of Bitcoin holding above the $65,000 support level, as it signifies readiness for a potential revisit to its previous peak above $70,000. Reaching and surpassing $70,000 will not only boost investor confidence but also indicate a strong resurgence of the bull run. This aligns with the perspective shared by crypto expert Michael van de Poppe, who views the $70,000 range as a critical level for Bitcoin to surpass in order to exceed its current all-time high of $73,750.
Crypto analyst Altcoin Sherpa has outlined three possible scenarios for Bitcoin’s price movement from its current position. These scenarios include a dump to $63,000 followed by a rebound, a drop to $60,000 before a recovery, or a descent to $60,000 with intermittent relief bounces leading to a potential decline. Despite these scenarios, Altcoin Sherpa remains optimistic about Bitcoin breaking above these levels without a significant pullback and rising towards $70,000.
Another crypto analyst, Dann Crypto, has shared his expectations for Bitcoin as the bull run progresses. He anticipates a surge in Bitcoin’s price leading up to the US Presidential elections, driven by the narrative of a potential crypto-friendly President and Vice President. Additionally, factors such as a potential interest rate cut and overall market excitement following a period of consolidation could contribute to this rally. Dann Crypto also highlights the significance of Spot Ethereum ETFs, which could potentially accelerate the rally depending on the demand they generate.
As the bull run advances, Daan Crypto predicts that the market will witness another local peak, likely occurring in the new year. He foresees the final rally of this bull run taking place in the latter half of 2025, aligning with the established 4-year cycle in the cryptocurrency market. Daan Crypto’s confidence in the 4-year cycle’s consistency indicates a hopeful outlook for Bitcoin’s trajectory in the long term.
While the future trajectory of Bitcoin remains uncertain, insights from various crypto analysts offer a glimpse into the potential scenarios and milestones that lie ahead. As the market continues to evolve, staying informed and critically analyzing these insights will be crucial for navigating the volatile world of cryptocurrency investments.
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