Bitcoin is breaking out of the downtrend - a jump of over 15% is expected according to a top analyst
According to crypto trader Rekt Capital, Bitcoin (BTC) has broken its downtrend since June and is back on an upward trajectory.
The focus now is on establishing a strong price base that could potentially push BTC to $71,500 over time.
#BTC
Strong start to July as Bitcoin continues to develop its cluster of price action at the Range Low area (green)
The goal?
To build a foundation from which it will be able to springboard to the Range High area at ~$71500 over time $ BTC #Crypto # Bitcoin https://t.co/A2VKixFFp2 pic.twitter.com/40FEmVTscz
- Rekt Capital (@rektcapital) July 1, 2024
Rekt Capital emphasized that Bitcoin has formed a new higher low on the weekly chart, signaling the end of the downtrend. On a broader scale, Bitcoin is developing a bullish flag macro pattern, which bodes well for the long term.
Additionally, Bitcoin is consolidating within the accumulation range that is often seen after previous hauling events. This pattern shows a bullish movement as Bitcoin aligns with traditional halving cycles.
READ MORE:
How Bitcoin could be the savior for the environmentAfter the end of the quarter, Bitcoin successfully tested and turned major previous resistance near the $61,000 level into new support. In addition, spot Bitcoin ETFs saw a net inflow of over $129 million on July 1, registering the largest inflow in three weeks.
Bloomberg analyst Eric Balchunas noted positive net flows into the Bitcoin ETF over the daily, weekly and monthly periods, reflecting growing investor interest.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
From yen rate hikes to mining farms shutting down, why is bitcoin still falling?
The recent decline in bitcoin prices is primarily driven by expectations of a rate hike by the Bank of Japan, uncertainty regarding the US Federal Reserve's rate cut trajectory, and systemic de-risking by market participants. Japan's potential rate hike may trigger the unwinding of global arbitrage trades, leading to a sell-off in risk assets. At the same time, increased uncertainty over US rate cuts has intensified market volatility. In addition, selling by long-term holders, miners, and market makers has further amplified the price drop. Summary generated by Mars AI This summary was generated by the Mars AI model, and the accuracy and completeness of its content are still being iteratively updated.
The Economist: The Real Threat of Cryptocurrency to Traditional Banks
The crypto industry is replacing Wall Street's privileged status within the American right-wing camp.
Grayscale's Top 10 Crypto Predictions: Key Trends for 2026 You Can't Miss
The market is transitioning from an emotion-driven cycle of speculation to a phase of structural differentiation driven by regulatory channels, long-term capital, and fundamental-based pricing.
From Yen Interest Rate Hike to Mining Farm Shutdown, Why Is Bitcoin Still Falling
The market is down again, but this may not be a good buying opportunity this time.
Trending news
MoreCrypto prices
More
