{"id":630602,"date":"2024-07-19T14:30:43","date_gmt":"2024-07-19T14:30:43","guid":{"rendered":"https:\/\/wncen.com\/?p=630602"},"modified":"2024-07-19T14:25:22","modified_gmt":"2024-07-19T14:25:22","slug":"bitcoin-downtrend-is-over","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-downtrend-is-over\/","title":{"rendered":"Market Strategist Says Bitcoin Downtrend Is Finally Over, Here\u2019s Where Price Is Headed Next"},"content":{"rendered":"

A market strategist has declared that <\/span>Bitcoin (BTC)<\/span><\/a>, the world\u2019s largest cryptocurrency, has finally <\/span>concluded its downtrend<\/span><\/a>. According to the strategist, Bitcoin may be heading to a new price target, driven by the positive shift in its market value.\u00a0<\/span><\/p>\n

Bitcoin Downtrend Is Over<\/h2>\n

A crypto analyst identified as \u2018Rekt Capital\u2019 on X (formerly Twitter) has <\/span>announced<\/span><\/a> to his 484,500 followers that Bitcoin\u2019s <\/span>prolonged downward trend<\/span><\/a> was officially over. The analyst, who has been monitoring the cryptocurrency\u2019s market and price actions, has suggested that Bitcoin may be getting ready for a <\/span>robust recovery<\/span><\/a>.\u00a0<\/span><\/p>\n

Related Reading: MOVR Bulls Assemble: Crypto Analyst Says A 2,000% Surge To $234 Is Imminent<\/a><\/div>\n

Rekt Capital has also disclosed that a fresh uptrend has begun for the pioneer cryptocurrency. The crypto analyst shared a detailed price chart depicting <\/span>Bitcoin\u2019s price movements<\/span><\/a> in 2024, highlighting the cryptocurrency\u2019s current price position.<\/span><\/p>\n

\"Bitcoin\"
Source: X<\/figcaption><\/figure>\n

With Bitcoin steadily moving out of bearish trends, Rekt Capital <\/span>predicts<\/span><\/a> that the cryptocurrency could see its price surging between $65,000 to $71,500. The analyst <\/span>revealed<\/span><\/a> that for Bitcoin to reach this bullish price target, it will have to successfully break past $65,000 to form a new red cluster of price action while maintaining a stable value.\u00a0<\/span><\/p>\n

Rekt Capital disclosed that <\/span>Bitcoin<\/span> is currently trying to claim the $65,000 mark, however this price range is acting as a resistance level. He also noted that Bitcoin will have to close daily above $65,000 before it can fully enjoy a trend continuation to the upside.\u00a0<\/span><\/p>\n

Despite Rekt Capital\u2019s <\/span>optimistic projections <\/span><\/a>for Bitcoin\u2019s price, the cryptocurrency has recently <\/span>recorded slight declines<\/span><\/a> in its value. CoinMarketCap\u2019s data reveals that Bitcoin\u2019s price declined by 1.35% in the last 24 hours.\u00a0<\/span><\/p>\n

Although Bitcoin was on an <\/span>uptrend<\/span><\/a> 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.\u00a0<\/span><\/p>\n

Santiment has also <\/span>reported<\/span><\/a> that the amount of <\/span>Bitcoin holders<\/span><\/a> has dropped aggressively, driven by traders’ belief that the March all-time high was the highest Bitcoin\u2019s price would reach in 2024. On the flip side, the market intelligence platform has suggested that <\/span>large-scale liquidations<\/span><\/a> such as this will likely increase the probability of a continued rebound for Bitcoin.<\/span><\/p>\n

BTC Holds Steady Near $65,000 Resistance<\/h2>\n

In another <\/span>X post<\/span><\/a>, crypto analyst, Aksel Kibar highlighted Bitcoin\u2019s recent price actions, emphasizing that the cryptocurrency has been testing <\/span>resistance levels around $65,000<\/span><\/a> for the past five months. Sharing a detailed chart of Bitcoin\u2019s price movements from 2011 to 2025, Kibar disclosed that Bitcoin was holding on strong, only witnessing <\/span>slight price deviations <\/span><\/a>which possibly indicates sustained interest from investors.\u00a0<\/span><\/p>\n

Related Reading: Prophet Brandon Briggs Predicts XRP Price Explosion To $10,000<\/a><\/div>\n

The analyst has interpreted Bitcoin\u2019s recent behavior as a positive sign for a <\/span>long-term bullish outlook<\/span><\/a>. Kibar also noted that when a cryptocurrency lingers near a specific resistance level without a significant sell-off, it often signals an imminent breakout.<\/span><\/p>\n

\"Bitcoin
BTC price above $65,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

A market strategist has declared that Bitcoin (BTC), the world\u2019s 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.\u00a0 Bitcoin Downtrend Is Over A crypto analyst identified as \u2018Rekt Capital\u2019 on X (formerly Twitter) has announced to his 484,500 followers that Bitcoin\u2019s prolonged downward trend was officially over. The analyst, who has been monitoring the cryptocurrency\u2019s market and price actions, has suggested that Bitcoin may be getting ready for a robust recovery.\u00a0 Related Reading: MOVR Bulls Assemble: Crypto Analyst Says A 2,000% Surge To $234 Is Imminent Rekt Capital has also disclosed that a fresh uptrend has begun for the pioneer cryptocurrency. The crypto analyst shared a detailed price chart depicting Bitcoin\u2019s price movements in 2024, highlighting the cryptocurrency\u2019s 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. The analyst revealed that for Bitcoin to reach this bullish price target, it will have to successfully break past $65,000 to form a new red cluster of price action while maintaining a stable value.\u00a0 Rekt Capital disclosed that Bitcoin is currently trying to claim the $65,000 mark, however this price range is acting as a resistance level. He also noted that Bitcoin will have to close daily above $65,000 before it can fully enjoy a trend continuation to the upside.\u00a0 Despite Rekt Capital\u2019s optimistic projections for Bitcoin\u2019s price, the cryptocurrency has recently recorded slight declines in its value. CoinMarketCap\u2019s data reveals that Bitcoin\u2019s price declined by 1.35% in the last 24 hours.\u00a0 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.\u00a0 Santiment has also reported that the amount of Bitcoin holders has dropped aggressively, driven by traders’ belief that the March all-time high was the highest Bitcoin\u2019s price would reach in 2024. On the flip side, the market intelligence platform has suggested that large-scale liquidations such as this will likely increase the probability of a continued rebound for Bitcoin. BTC Holds Steady Near $65,000 Resistance In another X post, crypto analyst, Aksel Kibar highlighted Bitcoin\u2019s 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\u2019s price movements from 2011 to 2025, Kibar disclosed that Bitcoin was holding on strong, only witnessing slight price deviations which possibly indicates sustained interest from investors.\u00a0 Related Reading: Prophet Brandon Briggs Predicts XRP Price Explosion To $10,000 The analyst has interpreted Bitcoin\u2019s recent behavior as a positive sign for a long-term bullish outlook. Kibar also noted that when a cryptocurrency lingers near a specific resistance level without a significant sell-off, it often signals an imminent breakout. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":630638,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-630602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nMarket Strategist Says Bitcoin Downtrend Is Finally Over, Here\u2019s Where Price Is Headed Next<\/title>\n<meta name=\"description\" content=\"A market strategist has declared that Bitcoin (BTC), the world\u2019s largest cryptocurrency, has 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Market Strategist Says Bitcoin Downtrend Is Finally Over, Here\u2019s Where Price Is Headed Next","url":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-downtrend-is-over\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-downtrend-is-over\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/Bitcoin_3df9fa.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/Bitcoin_3df9fa.jpeg?fit=1024%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","crypto","crypto analyst","crypto news"],"dateCreated":"2024-07-19T14:30:43Z","datePublished":"2024-07-19T14:30:43Z","dateModified":"2024-07-19T14:30:43Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Market Strategist Says Bitcoin Downtrend Is Finally Over, Here\\u2019s Where Price Is Headed Next\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-downtrend-is-over\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-downtrend-is-over\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/Bitcoin_3df9fa.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/Bitcoin_3df9fa.jpeg?fit=1024%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto analyst\",\"crypto news\"],\"dateCreated\":\"2024-07-19T14:30:43Z\",\"datePublished\":\"2024-07-19T14:30:43Z\",\"dateModified\":\"2024-07-19T14:30:43Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/Bitcoin_3df9fa.jpeg?fit=1024%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/630602"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=630602"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/630602\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/630638"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=630602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=630602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=630602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}