Crypto Analyst Identifies Crucial Bitcoin Price Point for Early July Rebound
Renowned cryptocurrency expert Rekt Capital outlined the pivotal conditions necessary for Bitcoin (BTC) to initiate a bullish trend in the coming days.
By Mete Demiralp
Published: June 30, 2024, 12:16
Last updated: 6 seconds ago
Rekt Capital, a prominent figure in cryptocurrency analysis, detailed the specific scenario required for Bitcoin’s price to surge in a recent statement.
According to Rekt Capital, Bitcoin’s path to a potential bull run hinges on maintaining its current stability, akin to recent trading patterns. If BTC manages to sustain its current price levels, an upward breakthrough could unfold during early July, effectively reversing its recent downtrend.
The analyst stressed the critical importance of Bitcoin holding above the $60,600 mark to validate this optimistic forecast.
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Rekt Capital also commented on the inevitable cycles of market sentiment, suggesting that Bitcoin typically retraces to a level that signals the end of bullish sentiment before resuming its upward trajectory.
As of the time of writing, BTC is trading at $61,419, reflecting a recent 4.63% decline over the past week, bottoming out near the aforementioned $60,600 level mentioned by Rekt Capital. However, following this dip, Bitcoin has shown a strong recovery to its current valuation.
*This article does not constitute financial advice.
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