Long

Bitcoin

when

Rekt (rektarb.xyz)

Rekt

Bitcoin&nbsp;price dipped below a key trendline as analysts eye a potential correction below $55,000 before it can rebound.
<h2 id="btc-price-below-key-post-halving-trendline">BTC price below key post-halving trendline</h2>
Bitcoin’s (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) price fell below a key growth trajectory line based on previous Bitcoin halving cycles.
Related:&nbsp;<a href="https://cointelegraph.com/news/more-extreme-fear-ftx-crash-5-things-bitcoin-this-week">More ‘extreme fear’ than FTX crash — 5 things to know in Bitcoin this week</a>
Recovering above this trend line, which is around $63,000, could put Bitcoin back on track to new highs, according to crypto research platform Ecoinometrics. It&nbsp;<a href="https://x.com/ecoinometrics/status/1822954839787401686/photo/1" target="_blank" rel="noopener nofollow">wrote</a> in an Aug. 12 X post:
<blockquote data-ct-non-breakable="true">
 “Bitcoin has dipped below its historical post-halving growth trajectory range. If it returns to this range before year-end, we’re looking at a high likelihood of a six-figure value for one BTC.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/f9bb411b-6744-47fc-b581-1924a8ef693a.jpeg" alt="Bitcoin price dip may retest $55K before next leg up " title="">
 <figcaption style="text-align: center;">
 BTC growth trajectory after fourt halving. Source: Ecoinmetrics
 </figcaption>
</figure>
Provided that Bitcoin follows the same trajectory seen during previous halving cycles, it could reach over $140,000 during the cycle top in 2025.
<h2 id="will-bitcoin-revisit-55-00-before-more-upside">Will Bitcoin revisit $55,00 before more upside?</h2>
Bitcoin price could still correct below $55,000, based on the upcoming Aug. 14 release of the Consumer Price Index (CPI).
A higher-than-expected reading could lead to another correction, according to pseudonymous trader Crypto Bullet, who <a href="https://x.com/CryptoBullet1/status/1822909943995072617/photo/1" target="_blank" rel="noopener nofollow">wrote</a> in an Aug. 12 X post:
<blockquote data-ct-non-breakable="true">
 “What a monster bullish weekly candle! Long wick, green body. Strong recovery. […] While I think it’s possible to test $53-55k one last time if CPI comes in hot on Wednesday, I can’t be bearish here.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/6040e8d0-a8c6-404a-b0d2-36b57f949ddc.jpeg" alt="Bitcoin price dip may retest $55K before next leg up " title="">
 <figcaption style="text-align: center;">
 BTC/USDT, 1-week chart. Source: CryptoBullet
 </figcaption>
</figure>
However, Bitcoin miner reserves fell to 1.8 million BTC, which is lower than miner reserves at the beginning of March when Bitcoin hit its all-time high, <a href="https://x.com/binhdangg1/status/1822949623587365364/photo/1" target="_blank" rel="noopener nofollow">noted</a> verified CryptoQuant author Binhdangg, in an Aug. 12 X post.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/0abd9be0-0061-401a-9e32-f00bf0df8891.jpeg" alt="Bitcoin price dip may retest $55K before next leg up " title="">
 <figcaption style="text-align: center;">
 Bitcoin: Miner reserve, all miners. Source: Binhdangg
 </figcaption>
</figure>
Decreasing miner reserves means less upcoming Bitcoin sell pressure, as miners rely on selling Bitcoin for operations costs.
Yet, Bitcoin needs a confirmation above $60,600 for more upward momentum, according to popular crypto analyst Rekt Capital.
The analyst <a href="https://x.com/rektcapital/status/1822344995614978204" target="_blank" rel="noopener nofollow">wrote</a> in an Aug. 10 X post:
<blockquote data-ct-non-breakable="true">
 “Bitcoin is doing all the right things to confirming $60,600 as support so as to position price for a revisit of $65,000+ over time.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/55c13da2-2ee3-489c-b882-9146c3274046.jpeg" alt="Bitcoin price dip may retest $55K before next leg up " title="">
 <figcaption style="text-align: center;">
 BTC/USD, 1-day chart. Source: Rekt Capital
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin price dip may retest $55K before next leg up

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