As per the analysis provided by crypto analyst Rekt Capital, Bitcoin may not be quite ready for its next significant move upwards. The analyst mentioned in a social media post that Bitcoin has not yet solidified the $65,000 level as a strong support, indicating that the cryptocurrency still faces some challenges in its price action. For Bitcoin to truly establish $65,000 as a support level, it would require a retest similar to the one observed back in May this year. Rekt Capital emphasized that such a retest would confirm a breakout into the $65,000 to $71,500 range, proving crucial for determining the continuation of an upward trend.
Rekt Capital pointed out that Bitcoin hitting $65,000 is vital for signaling the end of the downtrend. Without surpassing this level, the flagship cryptocurrency remains at risk of dropping to the $60,000 range, highlighting the significance of breaking above $65,000. Moreover, maintaining support above $65,000 would set the stage for Bitcoin to retest its previous peak above $70,000, instilling confidence among investors that the bull market is back in full swing.
Crypto expert Michael van de Poppe previously identified the $70,000 mark as a key hurdle for Bitcoin to overcome in order to exceed its existing all-time high of $73,750. Additionally, analyst Altcoin Sherpa outlined several potential scenarios for Bitcoin, including variations in price movements around the $60,000 and $63,000 levels, ultimately expressing optimism in Bitcoin’s ability to break above $70,000 without experiencing a significant pullback.
Another crypto analyst, Dann Crypto, offered insights into Bitcoin’s trajectory for the remainder of the ongoing bull cycle. He suggested that leading up to the US Presidential elections, Bitcoin could witness a surge in value driven by speculation surrounding a cryptocurrency-friendly administration. Furthermore, he anticipated a potential interest rate cut and overall market excitement following a period of consolidation as additional factors propelling Bitcoin’s rally. Daan Crypto also acknowledged the impact of Spot Ethereum ETFs as a wildcard element that could accelerate the cryptocurrency’s price movement, contingent on the level of demand these financial products generate.
Looking beyond the current bull run, Daan Crypto projected that Bitcoin might experience another peak in early 2026, aligning with the cyclical nature of the market’s four-year cycles. He underscored the historical reliability of this pattern and expressed confidence in its continuation for future price trends. Taking into account the cyclical nature of the crypto market, Daan Crypto suggested that the final rally of this bull cycle could manifest in the latter half of 2025, emphasizing the predictability of such market cycles in guiding future expectations.
While Bitcoin’s immediate path remains uncertain, insights from various analysts offer diverse perspectives on the cryptocurrency’s potential trajectory. By considering key support levels, technical indicators, and external factors influencing market sentiment, investors can better navigate the volatile landscape of digital assets and make informed decisions based on expert analysis and market trends.