Bitcoin, the flagship cryptocurrency, is currently being analyzed by various crypto experts to predict its future trajectory. Rekt Capital, a well-known crypto analyst, recently shared insights that Bitcoin might not be ready for its next leg up just yet. According to Rekt Capital, Bitcoin needs to retest the $65,000 level to establish it as a new support level before climbing back above $70,000.
Establishing $65,000 as a support level is crucial for Bitcoin as it confirms the end of the downtrend. Rekt Capital emphasized that without successfully testing and holding above $65,000, Bitcoin still risks dropping to the $60,000 range. Therefore, a retest to confirm the $65,000 support is essential for Bitcoin to continue its upward movement.
Crypto analyst Altcoin Sherpa also provided insights into various scenarios that could play out for Bitcoin. He mentioned the possibilities of Bitcoin dumping to $63,000 or $60,000 before a potential upward movement. Altcoin Sherpa expressed hope that Bitcoin would break above these levels without any significant pullback and rise to $70,000, instilling confidence among investors.
Another crypto analyst, Dann Crypto, shared his expectations for Bitcoin’s performance in the upcoming bull run. He predicted a run-up in Bitcoin’s price leading into the US Presidential elections, citing the narrative of a potential crypto-friendly administration as a driving factor. Additionally, Dann Crypto mentioned the impact of potential rate cuts and overall market excitement after a period of consolidation.
Dann Crypto also discussed the potential impact of Spot Ethereum ETFs on Bitcoin’s rally. These ETFs are considered “wildcards” that could accelerate the upward movement of Bitcoin depending on the demand they receive. However, the extent of their influence remains uncertain, and the market’s reaction to these ETFs will be a significant factor in Bitcoin’s price movement.
Looking ahead, the crypto analyst predicts that the final rally in this bull run will occur in the latter half of 2025, following the established 4-year cycle. According to Daan Crypto, this cycle has been consistent in the past, making it likely to influence Bitcoin’s future trajectory once again. As such, he believes that Bitcoin will experience another local top during the new year, setting the stage for a potential increase in the coming years.
Analyzing Bitcoin’s future trajectory involves considering various factors such as support levels, market sentiment, and external events like political elections and ETF introductions. By carefully examining these aspects, crypto analysts can provide valuable insights into Bitcoin’s potential movements and help investors make informed decisions in the ever-evolving cryptocurrency market.
