Bitcoin’s recent surge is transforming a previous resistance level into a new support level, according to a well-known cryptocurrency analyst. Rekt Capital, a trader known for his pseudonymous identity, informed his 468,200 followers on X that Bitcoin’s 2% jump in the last 24 hours may indicate the end of a downtrend. He explained that the $60,000 price range had previously acted as a barrier for Bitcoin, but now it seems to have become a solid foundation of support.
Rekt Capital added that Bitcoin’s downtrend has been ongoing for about a month. However, he noted that when downtrends are broken, uptrends usually follow. In this case, Bitcoin has finally achieved its first higher high since hitting a low of $56,000 in mid-April.
The analyst also predicted that Bitcoin is on track to reach a peak in the bull market by the fall or winter of next year. He compared it to previous cycles, stating that in the 2015-2017 cycle, Bitcoin reached its peak 518 days after the Halving event, while in the 2019-2021 cycle, it peaked 546 days after the Halving. If history repeats itself, Bitcoin could peak in this cycle around mid-September or mid-October 2025. He further explained that Bitcoin’s current acceleration in this cycle is approximately 200 days ahead of previous patterns, and the longer it consolidates after the Halving, the better it will synchronize with the traditional Halving cycle.
As of now, Bitcoin is valued at $65,842, showing a 7% increase in the past seven days.
Please note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin or other cryptocurrencies. The Daily Hodl, where this article originated, does not endorse the buying or selling of cryptocurrencies and is not an investment advisor.
