A market strategist has stated that bitcoin (btc)The world's largest cryptocurrency has finally concluded its downward trendAccording to the strategist, bitcoin could be heading towards a new price target, driven by the positive change in its market value.
bitcoin's downtrend is over
A cryptocurrency analyst identified as 'Rekt Capital' on x (formerly twitter) has x.com/rektcapital/status/1813324807003672830?s=46″ rel=”nofollow”>Announced to his 484,500 followers that bitcoin prolonged downward trend The analyst, who has been closely following the cryptocurrency market and price actions, has suggested that bitcoin could be gearing up for a robust recovery.
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Rekt Capital has also revealed that a new uptrend has begun for the pioneering cryptocurrency. The crypto analyst shared a detailed price chart showing bitcoin Price Movements in 2024, highlighting the current price position of the cryptocurrency.
With bitcoin steadily moving away from downtrends, Rekt Capital x.com/rektcapital/status/1813326039646429674?s=46″ rel=”nofollow”>predicts that the cryptocurrency could see its price rise between $65,000 and $71,500. The analyst x.com/rektcapital/status/1813505136532287954?s=46″ rel=”nofollow”>revealed that for bitcoin to reach this bullish price target, it will need to successfully break above $65,000 to form a new red cluster of price action while maintaining a stable value.
Rekt Capital revealed that bitcoin bitcoin is currently trying to reach the $65,000 mark, but this price range acts as a resistance level. He also noted that bitcoin will have to close daily above $65,000 before it can fully enjoy a continuation of the uptrend.
Despite Rekt Capital optimistic projections For the price of bitcoin, the cryptocurrency has recently risen. recorded slight declines in value. Data from CoinMarketCap reveals that the price of bitcoin has decreased by 1.35% over the past 24 hours.
Although bitcoin was in a uptrend Over the past week, rising by a massive 11.98%, its price still reflects some volatility and experiences significant drops in its daily trading volume.
Santiment also has x.com/santimentfeed/status/1813663694464889187?s=46″ rel=”nofollow”>reported that the amount of bitcoin Holders has fallen aggressively, driven by traders' belief that March's all-time high was the highest price bitcoin would reach in 2024. On the other hand, the market intelligence platform has suggested that large-scale liquidations Behavior like this will likely increase the likelihood of a continued bitcoin rally.
btc remains stable near $65,000 resistance
In other x.com/techcharts/status/1813811499057721709?s=46″ rel=”nofollow”>Publication xCryptocurrency analyst Aksel Kibar highlighted bitcoin's recent price actions, emphasizing that the cryptocurrency has been testing Resistance levels around $65,000 over the past five months. Sharing a detailed chart of bitcoin's price movements from 2011 to 2025, Kibar revealed that bitcoin remained strong, only witnessing slight price deviations possibly indicating sustained interest from investors.
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The analyst has interpreted bitcoin's recent behavior as a positive sign for a Long-term bullish outlookKibar also noted that when a cryptocurrency remains near a specific resistance level without significant selling, it often signals an impending breakout.
Featured image created with Dall.E, chart from Tradingview.com
