In response to data from CoinMarketCap, the value of Bitcoin returned above $67,000 with a 1.19% gain within the last 24 hours. Bitcoin appears to have found some stability on this region amidst multiple projections of further price gain. Interestingly, popular crypto analyst with X handle Rekt Capital has unveiled a selected scenario wherein Bitcoin might actually construct on its current positive performance.
Bitcoin Enters Recent Range-Sure Market – Rekt Capital
In an X post on July 20, Rekt Capital shared that Bitcoin closed its day by day candle of yesterday above the support level of $65,000. In response to the analyst, if BTC experiences a price dip to this level as seen in mid-May, a successful retest will allow the token to reignite its current price rally.
Following the event of this projection, Rekt Capital predicts the crypto market leader could reach as high as $71,500, a price region last seen in early June. Nevertheless, in a subsequent post, Rekt Capital suggests that Bitcoin may not record more gains past this level within the short term. As a substitute, BTC will enter a range-bound market between $65,000 – $71,500 which is anticipated to last through August.
Nevertheless, a possible breakout from this zone would likely end in the asset moving past its all-time high value of $73,750. Alternatively, the failure of $65,000 to function a powerful support level may allow BTC’s price to fall to $60,000. Within the presence of overwhelming selling pressure, as seen in the primary week of July, BTC could further decline to around $56,000 – $58,000.
At press time, the crypto market leader continues to trade at $67,394 with a 13.5% increase within the last seven days. Bitcoin’s price performance is now positive on all major time frames with gains of 4.05% and 125.27% within the last one month and twelve months respectively.
‘Smart’ Whale Maintains BTC Accumulation Pattern
In other news, a “smart” crypto whale has been purchasing large portions of Bitcoin in recent days. In response to an X post, the whale acquired 213.78 BTC (value $14.48 million) on Saturday, bringing its total haul over the past 4 days to 677 BTC ($45.6 million).
Notably, this trader is thought for purchasing BTC at low prices and selling high, recording over $30 million in profit in two trades over the past yr. With the “smart” whale currently in one other accumulation phase, BTC could also be headed for some major gains in the subsequent few months.