A market strategist has recently declared that Bitcoin (BTC), the world’s largest cryptocurrency, has finally concluded its downtrend. The strategist believes that Bitcoin may be heading towards a new price target due to the positive shift in its market value. The announcement was made by a crypto analyst known as ‘Rekt Capital’ to his extensive following.
Rekt Capital has shared a detailed price chart illustrating Bitcoin’s price movements in 2024. The analyst predicts a potential price surge for Bitcoin, estimating it could reach a range between $65,000 to $71,500. To achieve this bullish target, Bitcoin must successfully surpass the $65,000 mark and establish a new red cluster of price action while maintaining a stable value.
Despite the optimistic projections for Bitcoin’s price, recent data reveals a slight decline in its value. In the past 24 hours, Bitcoin’s price has decreased by 1.35%. While the cryptocurrency experienced an upward trend during the previous week, with an increase of 11.98%, it still shows signs of volatility and significant drops in daily trading volume.
Reports indicate that the number of Bitcoin holders has decreased significantly, as traders anticipated the March all-time high to be the peak for Bitcoin’s price in 2024. This shift in sentiment has led to large-scale liquidations, which could potentially increase the likelihood of a continued rebound for Bitcoin.
Another crypto analyst, Aksel Kibar, highlighted Bitcoin’s recent price actions and its testing of resistance levels around $65,000 over the past five months. Analyzing Bitcoin’s price movements from 2011 to 2025, Kibar suggested that the cryptocurrency’s ability to hold steady near a specific resistance level without experiencing significant sell-offs is a positive indicator for a long-term bullish outlook.
Despite the recent fluctuations in Bitcoin’s price and the challenges presented by resistance levels, both analysts are optimistic about Bitcoin’s potential for a price increase. The market seems to be indicating a shift towards a more positive trajectory for Bitcoin, potentially leading to a sustained uptrend in the near future.
