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- Bitcoin’s downtrend, which started in June, has officially ended as the top coin rediscovers its momentum with a 12% gain in the past week.
- One analyst says that once BTC flips the $65,000 from resistance to support—which it has failed to do in multiple attempts—the next target will be $71,500.
Since the start of June, Bitcoin has been on a downward trend, with the $3 billion dump by the German government exacerbating the dip, as we have reported. However, as one analyst points out, the top coin has reversed the trend and could hit $71,500.
BTC trades at $65,000 at press time, gaining nearly 2% on the four-hour chart. In the past day, it has traded sideways, with its multiple attempts to hit $65,000 rejected.
No coins selectedRekt Capital, an analyst with a massive following in the crypto world, took to Twitter to point out that with its recent rise, Bitcoin has reversed its downtrend which has been in place since the start of June. The top token has gained over 12% in the past week as it shrugs off massive dumps and market uncertainty.
According to the analyst, Bitcoin first reversed the trend on July 14 and since then, its gains have confirmed the new pattern.
The Bitcoin Downtrend is over
A new Bitcoin Uptrend has begun$BTC #Crypto #Bitcoin https://t.co/cvSyIq7byI pic.twitter.com/A36rbafY25
— Rekt Capital (@rektcapital) July 16, 2024
As we have reported, $65,000 is critical for Bitcoin. In a recent post, Rekt shared a chart that shows that every time BTC has surpassed $65,000 in the past three months, it has turned this level into support, allowing it to surge past $70,000, as shown below.
He told his 484,000 followers:
The moment Bitcoin breaks $65,000 (blue) is the moment Bitcoin will form a new red cluster of price action Breaking $65,000 would mean the price would be ready to move inside the $65,000-$71,500 region.
What’s Next for Bitcoin?
Bitcoin recently retested its old all-time high, which had proven a major resistance in this year’s bull run. It seems to have turned that resistance into support and was able to bounce back off this level and regain its upward momentum, as the chart below shows (marked by red and green bars).
As one analyst noted Wednesday, it’s been five months now since BTC turned the former ATH into support.
For now, $65,000 remains the line in the sand. At press time, BTC is increasingly trading clear of this level, and if it can manage a daily close above it, the top crypto could be primed for major gains.
What’s more, Germany isn’t going to be dumping any more billions into the market and the ETFs are back in the money, recording hundreds of millions in daily net inflows, as we reported.
Additionally, the odds of Donald Trump trumping over Joe Biden (or whoever else the Democrats line up) seem to be increasing every day. Trump is a crypto champion and will be speaking at the Bitcoin Conference later this month, further boosting the top crypto.
