In a recent analysis by crypto analyst Rekt Capital, insights were provided into the future trajectory of Bitcoin. According to Rekt Capital’s assessment, the flagship cryptocurrency might not be quite ready for its next leg up, which could potentially see it climb back above $70,000. Rekt Capital mentioned in a social media post that Bitcoin is not yet prepared for a successful retest of the $65,000 level as new support. In order for Bitcoin to establish $65,000 as the new support level, a similar retest to the one that occurred in May earlier this year would be necessary. This confirmation would mark a break back into the $65,000 to $71,500 region, according to Rekt Capital. Establishing $65,000 as a crucial support level is essential to confirm the end of the downtrend, as Bitcoin still faces the risk of dropping to the $60,000 range if it remains below $65,000. Holding above the $65,000 support would indicate that Bitcoin is ready to revisit its previous high above $70,000.
Bitcoin’s rise above $70,000 and potential climb to as high as $71,500 would likely inspire confidence among investors that the bull run is back on track. Crypto expert Michael van de Poppe previously identified the $70,000 range as the level Bitcoin needs to surpass to exceed its current all-time high (ATH) of $73,750. Additionally, crypto analyst Altcoin Sherpa outlined three scenarios for Bitcoin’s future from its current price level. These scenarios include a dump to $63,000 and a subsequent return to higher levels, a dump to $60,000 followed by a rally, or a significant drop to $60,000 with the possibility of not recovering. Altcoin Sherpa expressed optimism that Bitcoin would break above these levels without a major pullback and reach $70,000.
Crypto analyst Dann Crypto shared his expectations for Bitcoin as the bull run progresses. He anticipates a run-up in Bitcoin’s price leading up to the US Presidential elections, driven by the narrative of a potential crypto-friendly President and Vice President. Dann Crypto also expects a boost from a potential rate cut and overall excitement after Bitcoin’s consolidation period of about four months. He highlighted the Spot Ethereum ETFs as a potential wildcard that could accelerate the rally, depending on the demand for these ETFs. Once this rally concludes, Dann Crypto predicts another local top in the market, likely to occur in the new year. Looking ahead, the analyst forecasts the final rally of this bull run to take place in the latter half of 2025, aligning with the 4-year cycle pattern. He emphasized that this 4-year cycle has historically been reliable, and there is no reason why it shouldn’t continue to hold true in the current cycle.
Through the insights provided by various crypto analysts, it is evident that the future trajectory of Bitcoin remains uncertain yet promising. The potential for Bitcoin to reclaim previous highs and establish new support levels is contingent on a variety of factors, including market conditions, regulatory developments, and adoption trends. As investors navigate the volatile cryptocurrency landscape, staying informed about expert analyses and predictions can help guide decision-making and capitalize on emerging opportunities in the digital asset space.