Cryptocurrency analyst Rekt Capital has provided insights into Bitcoin’s future trajectory. According to his analysis, the flagship cryptocurrency may not be ready for the next leg up that could see it climb back above $70,000. Bitcoin Not Ready to Establish $65,000 as New Support Rekt Capital claimed in an X (formerly Twitter) post that Bitcoin is not ready to successfully retest $65,000 as a new support level. The analyst said that for the cryptocurrency to establish $65,000 as a new support level, it would need to undergo a retest similar to what occurred in May earlier this year. According to Rekt Capital, this would confirm a breakout above the $65,000 to $71,500 area.

Bitcoin’s move above $65,000 is crucial as it would also confirm that the downtrend is over as the flagship cryptocurrency still faces the risk of falling to the $60,000 range, but still below $65,000. Meanwhile, as Rekt Capital points out, Bitcoin holding the $65,000 support level means it is ready to revisit previous highs above $70,000.  

Bitcoin breaking through $70,000 and reaching highs of $71,500 would inspire confidence among investors that the bull run has begun again. Crypto expert Michael van de Poppe previously highlighted that the $70,000 range is the level for Bitcoin to break through the current all-time high (ATH) of $73,750.