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Possibility of Bitcoin Reaching $71,500 Questioned by Crypto Analyst, $65,000 Retest Not Yet Likely 🤔

Possibility of Bitcoin Reaching $71,500 Questioned by Crypto Analyst, $65,000 Retest Not Yet Likely 🤔

Insights into Bitcoin’s Future Trajectory

Rekt Capital, a crypto analyst, has provided valuable insights into the future trajectory of Bitcoin. According to his analysis, Bitcoin may not be ready for its next significant price increase this year, which could potentially push it beyond $70,000.

Bitcoin’s Struggle to Establish $65,000 Support

In a recent post on X, Rekt Capital suggested that Bitcoin is not yet prepared to successfully retest the $65,000 level as a new support. The analyst emphasized the importance of Bitcoin establishing $65,000 as a key support level to confirm the end of the downtrend and prevent a potential drop to the $60,000 range.

  • Bitcoin needs a similar retest like the one in May to establish $65,000 as support
  • Confirmation of a break back into the $65,000 to $71,500 region is crucial
  • Rekt Capital highlights the significance of holding above $65,000 for a potential bullish momentum

Potential Scenarios for Bitcoin’s Price Movement

Altcoin Sherpa recently outlined three possible scenarios for Bitcoin’s price movement from its current level. The analyst suggested that Bitcoin could either dump to $63,000 and bounce back, dump to $60,000 and recover, or experience relief bounces before a significant drop to $60,000. However, Altcoin Sherpa remains optimistic about Bitcoin breaking above current levels without any major pullback and aiming for $70,000.

  • Key levels to watch: $63,000, $60,000, $70,000
  • Potential scenarios include recovery bounces and significant price drops

Bitcoin’s Trajectory Towards the End of the Cycle

Crypto analyst Daan Crypto shared his predictions for Bitcoin as the bull run progresses towards its latter stages. He anticipates a rally leading up to the US Presidential elections driven by the narrative of a pro-crypto President and Vice President. Additionally, Daan Crypto believes that a potential interest rate cut and overall market excitement could fuel this rally.

  • Expectations for Bitcoin heading into the latter parts of the bull run
  • Potential impact of the Spot Ethereum ETFs on Bitcoin’s price movement

Predictions for Bitcoin in the Coming Years

Daan Crypto forecasts that the final rally of this bull run will likely occur in the latter half of 2025, following the 4-year cycle pattern. He emphasizes the importance of not fixating on specific price targets but remaining adaptable to market conditions. Daan Crypto underlines the significance of the 4-year cycle in determining Bitcoin’s price movements and advises market participants to stay flexible.

Hot Take: Bitcoin’s Future Trajectory

As Bitcoin continues its price journey, market analysts and experts offer valuable insights into the potential price movements and key levels to watch. It is essential for investors to track Bitcoin’s progress towards establishing key support levels and anticipate potential rallies and pullbacks in the coming months. By staying informed and adaptable to changing market conditions, investors can navigate the volatile crypto landscape and make informed decisions to optimize their investment strategies.

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Possibility of Bitcoin Reaching $71,500 Questioned by Crypto Analyst, $65,000 Retest Not Yet Likely 🤔