Rekt Capital, one of the well-known cryptocurrency analysts, shared the scenario required for the Bitcoin (BTC) price to rise in its statement.
According to the analyst, a bull scenario may occur if Bitcoin shows stability at current prices, as it has in the past few days. According to Rekt Capital, if the BTC price manages to hold on at these levels, a jump that can break the downward trend may occur in the first week of July.
The analyst thinks that the BTC price must hold on to the $60,600 level for this bull scenario to come true.
Rekt Capital said that ultimately, the BTC price will always decline to a level that convinces people that the bull market is over, and then continue its upward trend.
BTC price is trading at $61,419 at the time of writing this article. In the last week, there was a 4.63% decline, and at the bottom the price converged to the $60,600 level mentioned by Rekt Capital.
However, after the said level, the BTC price actually rose to its current position with a sharp price increase.
*This is not investment advice.