Bitcoin’s recent surge is transforming a previous resistance level into a new support level, according to a well-known crypto analyst. Rekt Capital, a trader who shares insights with over 468,000 followers on X, suggests that Bitcoin’s 2% gain in the past 24 hours could mark the end of a downward trend. The analyst points out that the $60,000 price range was previously acting as a barrier for BTC, but it has now become a strong foundation of support. This shift indicates that Bitcoin has successfully overcome a major obstacle and is poised for further growth.
Rekt Capital explains that the recent downtrend in Bitcoin has been ongoing for about a month, starting in mid-April. However, with the breakout from this downtrend, an uptrend is likely to follow. In fact, Bitcoin has already recorded its first higher high since hitting a low of $56,000. This positive development suggests that Bitcoin’s upward momentum is gaining strength.
Looking ahead, the analyst predicts that Bitcoin is on track to reach a peak in the next bull market cycle, which is expected to occur in the fall or winter of next year. By analyzing previous market cycles, Rekt Capital notes that Bitcoin tends to reach its peak around 518 to 546 days after the Halving event. Based on this pattern, Bitcoin could reach its peak in mid-September or mid-October 2025. The analyst also highlights that Bitcoin is currently accelerating in this cycle by approximately 200 days, indicating a potentially shorter timeframe for the peak.
As of now, Bitcoin is valued at $65,842, reflecting a 7% increase over the past week. Investors and enthusiasts are advised to stay updated through various channels, such as X, Facebook, and Telegram, to keep track of Bitcoin’s price action. It is important to conduct thorough research and exercise caution before engaging in high-risk investments in Bitcoin or other cryptocurrencies. The Daily Hodl, where this article is sourced from, emphasizes that readers should take responsibility for their own transfers and trades and acknowledges that it is not an investment advisor.