The market strategist stated that Bitcoins (BTC)the world’s largest cryptocurrency, finally ended its downward trendAccording to the strategist, Bitcoin could be heading towards a novel price target, driven by a positive change in its market value.
Bitcoin’s Downtrend Has Ended
Cryptocurrency Analyst Identified as ‘Rekt Capital’ on X (Formerly Twitter) announced to his 484,500 followers that Bitcoin continuing downward trend has officially ended. An analyst who has been monitoring the cryptocurrency market and price action has suggested that Bitcoin may be preparing for solid recovery.
Rekt Capital also revealed that a novel uptrend has begun for the pioneering cryptocurrency. The crypto analyst shared a detailed price chart showing Bitcoin price movements in 2024, which highlights the current price position of the cryptocurrency.
As Bitcoin gradually emerges from its downtrend, Rekt Capital predicts that the price of the cryptocurrency could augment by $65,000-$71,500. Analyst revealed that for Bitcoin to reach this bullish price target, it will need to successfully break through the $65,000 level to form a novel red cluster of price action while maintaining stable value.
Rekt Capital revealed that Bitcoin currently trying to reach $65,000, however, this price range acts as a resistance level. He also noted that Bitcoin will need to close above $65,000 on a daily basis before it can fully enjoy a continuation of its uptrend.
Despite Rekt Capital confident forecasts in the case of Bitcoin price, the cryptocurrency recently there were slight decreases in its value. CoinMarketCap data reveals that Bitcoin’s price has fallen by 1.35% in the past 24 hours.
Although Bitcoin was on rising trend has increased by as much as 11.98% over the past week, the price still reflects some volatility and records significant declines in daily trading volume.
Santiment also has reported that amount Bitcoin Holders fell aggressively, fueled by traders’ belief that March was the all-time high that Bitcoin’s price would reach in 2024. On the other hand, a market intelligence platform suggested that large-scale liquidations such information will likely augment the likelihood of further increases in Bitcoin’s value.
BTC remains stable near the $65,000 resistance
In another Posts XCryptocurrency analyst Aksel Kibar drew attention to the recent price movements of Bitcoin, emphasizing that the cryptocurrency was 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 revealed that Bitcoin has held powerful, having only witnessed slight price deviations which may indicate continued investor interest.
Analyst interprets Bitcoin’s recent performance as a positive sign long-term growth prospectsKibar also noted that when a cryptocurrency holds near a certain resistance level without a significant sell-off, it is often a signal of an impending breakout.
Featured image created with Dall.E, chart from Tradingview.com
