A market strategist has recently declared that Bitcoin (BTC), the world’s largest cryptocurrency, has finally concluded its downtrend. According to the strategist, Bitcoin may be heading to a new price target, driven by the positive shift in its market value.
A crypto analyst identified as ‘Rekt Capital’ on X has announced to his 484,500 followers that Bitcoin’s prolonged downward trend was officially over. The analyst, who has been monitoring the cryptocurrency’s market and price actions, has suggested that Bitcoin may be getting ready for a robust recovery.
Rekt Capital has disclosed that a fresh uptrend has begun for the pioneer cryptocurrency. The crypto analyst shared a detailed price chart depicting Bitcoin’s price movements, highlighting the cryptocurrency’s current price position. With Bitcoin steadily moving out of bearish trends, Rekt Capital predicts that the cryptocurrency could see its price surging between $65,000 to $71,500.
Despite the optimistic projections for Bitcoin’s price, the cryptocurrency has recently recorded slight declines in its value. CoinMarketCap’s data reveals that Bitcoin’s price declined by 1.35% in the last 24 hours. Although Bitcoin was on an uptrend over the past week, increasing by a whopping 11.98%, its price is still reflecting a bit of volatility and experiencing significant drops in its daily trading volume.
Crypto analyst, Aksel Kibar highlighted Bitcoin’s recent price actions, emphasizing that the cryptocurrency has been testing resistance levels around $65,000 for the past five months. Sharing a detailed chart of Bitcoin’s price movements, Kibar disclosed that Bitcoin was holding on strong, only witnessing slight price deviations which possibly indicates sustained interest from investors.
Kibar interpreted Bitcoin’s recent behavior as a positive sign for a long-term bullish outlook. The analyst also noted that when a cryptocurrency lingers near a specific resistance level without a significant sell-off, it often signals an imminent breakout.
While the market strategist and crypto analysts have provided optimistic projections for Bitcoin’s future price movements, it is essential to consider the current market volatility and resistance levels that the cryptocurrency is facing. Investors and traders should closely monitor Bitcoin’s price actions and market trends to make informed decisions regarding their investments. Despite the recent slight declines in Bitcoin’s value, there is still hope for a potential bullish trend in the cryptocurrency’s future.
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