One widely followed crypto analyst says Bitcoin’s latest rally is turning an old BTC resistance into new support.
Pseudonymous crypto trader Rekt Capital tells his 468,200 followers on the social media platform X that BTC’s 2% leap in the last 24 hours could be the end of a downtrend.
“BTC is breaking its Daily Downtrend”
According to the analyst, the $60,000 price zone was acting as a barrier to BTC. However, Rekt Capital now believes that the barrier has now been flipped to a foundation.
“Bitcoin has successfully turned the old major resistance into a new major support.”
According to the crypto analyst, BTC’s downtrend has been one month in the making.
“Bitcoin has broken its Daily Downtrend which started one month ago in mid-April
When downtrends get broken, uptrends occur
Bitcoin has finally recorded its first Higher Higher since bottoming at $56,000.”
The analyst also says that BTC is on track to reach a bull market high in the fall or winter of next year.
“In the 2015-2017 cycle, Bitcoin peaked 518 days after the Halving
In the 2019-2021 cycle, Bitcoin peaked 546 days after the Halving
If history repeats and the next Bull Market peak occurs 518-546 days after the Halving…
That would mean Bitcoin could peak in this cycle in mid-September or mid-October 2025
Currently, Bitcoin is accelerating in this cycle by approximately 200 days now
So the longer Bitcoin consolidates after the Halving, the better it will be for resynchronizing this current cycle with the traditional Halving cycle.”
BTC is worth $65,842 at time of writing, up 7% in the last seven days.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Design Projects
