Unlocking New Potential: Bitcoin’s Breakout From Downtrend ๐
A prominent crypto analyst indicates that Bitcoin’s recent surge is transforming a previous BTC resistance level into a newfound support base. Here are the key takeaways from the analyst’s insights:
– Pseudonymous trader Rekt Capital sees BTC’s 2% surge in the last 24 hours as a possible conclusion to a downward trend.
– “BTC is shattering its Daily Downtrend,” asserts the analyst.
– Previously, the $60,000 price range acted as a hindrance to BTC. However, Rekt Capital now views this obstacle as a solid foundation.
– “Bitcoin has effectively converted the former major resistance into a new significant support level.”
– The analyst notes that BTC’s downtrend has persisted for around a month.
– “Bitcoin has broken its Daily Downtrend that initiated in mid-April, signaling the shift towards an uptrend.”
Anticipating Bitcoin’s Future Trajectory ๐
Looking ahead, the market forecast points to a potential peak for BTC in the autumn or winter of the next year. Here’s what the analyst predicts:
– Drawing comparisons to previous cycles, the analyst suggests that Bitcoin could reach its peak 518-546 days after the Halving event.
– The estimated timeframe for the peak in the current cycle falls around mid-September or mid-October 2025.
– With BTC currently accelerating in this cycle and consolidating post-Halving, there is potential for aligning with the traditional Halving cycle timeline.
At present, Bitcoin’s value stands at $65,842, marking a 7% increase over the past week.
Hot Take: Bitcoin’s Momentum Shift ๐
Bitcoin’s breakthrough from its downtrend signifies a potential shift in market dynamics. As BTC establishes new support levels and eyes upcoming milestones, the crypto landscape continues to evolve with promising indicators.
Sources:
– [Twitter – Rekt Capital](https://twitter.com/rektcapital/status/1790738507423449286)
– [Twitter – Rekt Capital Analysis](https://twitter.com/rektcapital/status/1791030706010747213)
– [Twitter – BTC Downtrend](https://twitter.com/rektcapital/status/1791104145400730091)
– [Twitter – BTC Peak Analysis](https://twitter.com/rektcapital/status/1790649916466799056)
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