Bitcoin (BTC) Price Analysis: Could $70,000 Be Within Reach?

Market analyst Rekt Capital has provided insights into Bitcoin's current trajectory, emphasizing the recent uptrend and the potential for the cryptocurrency

Bitcoin’s price has had a hard time regaining the $70,000 mark since July 29, which has acted as a strong resistance level for the leading cryptocurrency. This resistance has been in place for the last two quarters of the year, following BTC hitting an all-time high of $73,700 in March this year.

Since then, the market experienced price corrections and periods of consolidation, but recent bullish sentiment has sparked hope for a price resurgence as the year progresses.

Could $70,000 Be In Sight?

Market analyst Rekt Capital has provided his take on Bitcoin’s current trajectory, highlighting the recent uptrend and the possibility of the cryptocurrency reclaiming the $70,000 mark.

Interestingly, Rekt pointed out that Bitcoin broke out of a downtrending channel after surpassing the $65,000 level earlier this month, invalidating a series of lower highs that had been forming since mid-March.

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This breakout invalidated the lower highs that formed in the previous downtrend. But Rekt noted how Bitcoin failed to break above the channel’s resistance multiple times before, which makes the latest weekly candle close impactful.

In his analysis, he explained that Bitcoin is now retesting its former resistance point above $69,000, suggesting that a successful retest could confirm the breakout and allow for further upside momentum.

Continuing his analysis, Rekt highlighted that the lower support floors of the retest could see Bitcoin’s price dip to around $66,300, which is the channel top. This level acted as a strong barrier in the past, preventing the price from reaching higher levels.

As observed last week, the importance of this area was evident as Bitcoin closed above the lower high, setting the scene for a potential move to higher levels if the mentioned support holds.

Bitcoin Faces Key Resistance Ahead

If Bitcoin manages to successfully retest this support level, the next target, according to the analyst, would be the range high at approximately $71,500. This level poses a crucial challenge for Bitcoin, marking its first attempt to breach the top of the re-accumulation range since June.

A successful move towards the range high above these levels, the analyst argues, would show that the previous resistance is weakening further, boosting BTC’s chances of reaching higher levels.

But the question remains, how deep will any potential retracement be if Bitcoin gets rejected at the range high? Looking historically, since mid-March 2024, Bitcoin faced deeper rejections, which saw declines of 21% and 25% on August 5 and September 6, respectively.

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Concluding his analysis, as Bitcoin moves deeper into a prior resistance zone at $66,000, which may soon turn into support, a successful retest of this level could precede a strong reversal back to the $70,000 mark, bolstering the bullish outlook for Bitcoin as it navigates through these critical price points.

At the time of writing, BTC trades at $67,350, down 2% in the 24-hour time frame.