Bitcoin’s Downtrend Ending After Months of Decline: Is This the Final Adjustment Phase?

After months of bearish movement, Bitcoin may be nearing the end of its downtrend, with a breakthrough on the weekly chart signaling possible recovery.

As analysts like Rekt Capital and Michaël van de Poppe emphasize crucial support levels and speculate on potential price rebounds, the crypto community is watching closely.

Could this be the final adjustment phase before BTC climbs toward $70,000? Learn more about the factors driving market sentiment, including the upcoming U.S. presidential election and shifts in Bitcoin holder behavior.

Signs of Recovery After Breaking the Downward Channel

Renowned analyst and trader Rekt Capital (@rektcapital), who has over 500,000 followers on X (formerly Twitter), shared his insights on October 21, 2024, stating that Bitcoin’s (BTC) months-long downtrend has come to an end.

According to Rekt Capital, Bitcoin has broken the downtrend that began around March this year on the weekly chart, signaling the conclusion of the downward trajectory that has persisted since then.

Although the Bitcoin price dropped after reaching around $69,500 on the 21st of this month, Rekt Capital noted that the previous resistance line could now transform into a new support line moving forward.

Potential for BTC to Reach $70,000 After Successful Retest

Despite the continued decline in Bitcoin prices following the 21st, Rekt Capital remarked in a post on October 23 that "the retest has been successful so far."

Although the BTC price remains in a short-term downward trend at the time of writing, Rekt Capital believes that if the retest proves successful, Bitcoin could reverse its course and aim for $70,000.

Other Analysts Highlight the $65,000 Range as Key Support

While Rekt Capital sees the $65,000 level as a potential support line for Bitcoin, other analysts are also focusing on this price range. One such analyst is Michaël van de Poppe, who has over 730,000 followers on X.

In his post on October 22, van de Poppe suggested that BTC could drop to the $64,000-$65,000 range and called this a prime buying opportunity if prices reach that level.

The upcoming U.S. presidential election on November 5, 2024, is also expected to have a significant impact on Bitcoin’s price.

However, recent reports highlighting an increase in large-scale BTC holders and a decline in Bitcoin balances on exchanges have raised optimism for a potential sustained price rally in the near future.

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