Bitcoin is breaking out of the downtrend - a jump of over 15% is expected according to a top analyst

According to crypto trader Rekt Capital, Bitcoin (BTC) has broken its downtrend since June and is back on an upward trajectory.

The focus now is on establishing a strong price base that could potentially push BTC to $71,500 over time.

#BTC

Strong start to July as Bitcoin continues to develop its cluster of price action at the Range Low area (green)

The goal?

To build a foundation from which it will be able to springboard to the Range High area at ~$71500 over time $ BTC #Crypto # Bitcoin https://t.co/A2VKixFFp2 pic.twitter.com/40FEmVTscz

- Rekt Capital (@rektcapital) July 1, 2024

Rekt Capital emphasized that Bitcoin has formed a new higher low on the weekly chart, signaling the end of the downtrend. On a broader scale, Bitcoin is developing a bullish flag macro pattern, which bodes well for the long term.

Additionally, Bitcoin is consolidating within the accumulation range that is often seen after previous hauling events. This pattern shows a bullish movement as Bitcoin aligns with traditional halving cycles.

After the end of the quarter, Bitcoin successfully tested and turned major previous resistance near the $61,000 level into new support. In addition, spot Bitcoin ETFs saw a net inflow of over $129 million on July 1, registering the largest inflow in three weeks.

Bloomberg analyst Eric Balchunas noted positive net flows into the Bitcoin ETF over the daily, weekly and monthly periods, reflecting growing investor interest.