Bitcoin’s Downward Spiral Might Be Over
A well-known crypto analyst, known as “Rekt Capital” on X (formerly Twitter), thinks Bitcoin’s long slump is finally over. He believes the world’s biggest cryptocurrency is getting ready for a strong comeback.
A New Uptrend?
Rekt Capital shared a chart showing Bitcoin’s price movements in 2024, and he’s predicting a surge to between $65,000 and $71,500. To get there, Bitcoin needs to break through $65,000 and stay above it.
A Bit of Resistance
Bitcoin is currently trying to push past $65,000, but it’s acting like a wall. Rekt Capital says Bitcoin needs to close a day above $65,000 to really start moving up.
Recent Price Fluctuations
While Rekt Capital is optimistic, Bitcoin has been dipping a bit lately. In the last 24 hours, it’s dropped by 1.35%.
Big Holders Are Selling
Data from Santiment shows that a lot of big Bitcoin holders have been selling, thinking that March’s high was the peak for 2024. But Santiment also thinks this selling could actually make a rebound more likely.
Bitcoin Holds Strong at $65,000
Another analyst, Aksel Kibar, also sees positive signs. He says Bitcoin has been testing the $65,000 resistance level for months, but it’s holding steady. This suggests that investors are still interested in Bitcoin.
Breakout Potential
Kibar believes that when a cryptocurrency hangs around a resistance level without a big sell-off, it often means a breakout is coming soon.
Overall, the analysts are optimistic about Bitcoin’s future, but it’s important to remember that the crypto market is volatile, and prices can change quickly. /p>
