A market strategist has declared that Bitcoin (BTC), the world’s largest cryptocurrency, has finally concluded its downtrend. According to the strategist, Bitcoin may be heading to a new price target, driven by the positive shift in its market value.
Bitcoin Downtrend Is Over
A crypto analyst identified as ‘Rekt Capital’ on X (formerly Twitter) has announced to his 484,500 followers that Bitcoin’s prolonged downward trend was officially over. The analyst, who has been monitoring the cryptocurrency’s market and price actions, has suggested that Bitcoin may be getting ready for a robust recovery.
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Rekt Capital has also disclosed that a fresh uptrend has begun for the pioneer cryptocurrency. The crypto analyst shared a detailed price chart depicting Bitcoin’s price movements in 2024, highlighting the cryptocurrency’s current price position.
With Bitcoin steadily moving out of bearish trends, Rekt Capital predicts that the cryptocurrency could see its price surging between $65,000 to $71,500. The analyst revealed that for Bitcoin to reach this bullish price target, it will have to successfully break past $65,000 to form a new red cluster of price action while maintaining a stable value.
Rekt Capital disclosed that Bitcoin is currently trying to claim the $65,000 mark, however this price range is acting as a resistance level. He also noted that Bitcoin will have to close daily above $65,000 before it can fully enjoy a trend continuation to the upside.
Despite Rekt Capital’s optimistic projections for Bitcoin’s price, the cryptocurrency has recently recorded slight declines in its value. CoinMarketCap’s data reveals that Bitcoin’s price declined by 1.35% in the last 24 hours.
Although Bitcoin was on an uptrend over the past week, increasing by a whopping 11.98%, its price is still reflecting a bit of volatility and experiencing significant drops in its daily trading volume.
Santiment has also reported that the amount of Bitcoin holders has dropped aggressively, driven by traders’ belief that the March all-time high was the highest Bitcoin’s price would reach in 2024. On the flip side, the market intelligence platform has suggested that large-scale liquidations such as this will likely increase the probability of a continued rebound for Bitcoin.
BTC Holds Steady Near $65,000 Resistance
In another X post, crypto analyst, Aksel Kibar highlighted Bitcoin’s recent price actions, emphasizing that the cryptocurrency has been testing resistance levels around $65,000 for the past five months. Sharing a detailed chart of Bitcoin’s price movements from 2011 to 2025, Kibar disclosed that Bitcoin was holding on strong, only witnessing slight price deviations which possibly indicates 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 outlook. Kibar also noted that when a cryptocurrency lingers near a specific resistance level without a significant sell-off, it often signals an imminent breakout.
Featured image created with Dall.E, chart from Tradingview.com