According to a market strategist, Bitcoin, the largest cryptocurrency in the world, has finally put an end to its downtrend. The strategist believes that Bitcoin is now potentially heading towards a new price target due to the positive shift in its market value.
A well-known crypto analyst known as ‘Rekt Capital’ has informed his large following on social media that Bitcoin’s extended downward trend has officially come to a close. The analyst, who closely follows the cryptocurrency market and price movements, has indicated that Bitcoin may be gearing up for a strong recovery. ‘Rekt Capital’ has also pointed out that a new uptrend has commenced for Bitcoin, showcasing a detailed price chart illustrating the cryptocurrency’s price movements.
With Bitcoin gradually moving away from bearish trends, ‘Rekt Capital’ foresees the possibility of the cryptocurrency’s price surging between $65,000 to $71,500. To reach this bullish target, Bitcoin would need to break past the $65,000 mark and establish a new cluster of positive price action while maintaining stability. Currently, Bitcoin is attempting to claim the $65,000 mark, but it is facing resistance at this level. It has been noted that Bitcoin must close daily above $65,000 to ensure a continuation of the upward trend.
Despite the optimistic projections for Bitcoin’s price, recent data from CoinMarketCap indicates a 1.35% decline in Bitcoin’s value over the past 24 hours. Although Bitcoin experienced an uptrend of nearly 12% in the previous week, its price continues to exhibit volatility and encounters significant drops in daily trading volume. Additionally, Santiment has reported a decrease in the number of Bitcoin holders, driven by the belief among traders that the March all-time high was the peak for Bitcoin’s price in 2024. However, large-scale liquidations could potentially increase the likelihood of a sustained rebound for Bitcoin.
Another crypto analyst, Aksel Kibar, highlighted Bitcoin’s recent price actions, emphasizing the ongoing testing of resistance levels around $65,000 for the past five months. By analyzing a comprehensive chart of Bitcoin’s price movements from 2011 to 2025, Kibar observed minimal deviations in Bitcoin’s price, suggesting sustained interest from investors. The analyst interprets this behavior as a positive indicator for a long-term bullish outlook. Kibar also mentioned that when a cryptocurrency remains near a specific resistance level without significant sell-offs, it often serves as a precursor to an imminent breakout.
While Bitcoin has recently faced some price declines and challenges in breaking past key resistance levels, the overall sentiment from market analysts remains positive regarding the cryptocurrency’s future price trajectory. It is crucial for investors and traders to closely monitor the evolving market conditions and sentiment to make informed decisions regarding Bitcoin and other digital assets.