According bitcoin/” target=”_blank”>CoinMarketCap databitcoin price has returned to break above $67,000 with a gain of 1.19% over the past 24 hours. bitcoin seems to have found some stability in this region amid multiple projections of further price increases. Interestingly, popular cryptocurrency analyst with the username x, Rekt Capital, has revealed a particular scenario where bitcoin could actually build on its current positive performance.
bitcoin enters a new range-bound market – Rekt Capital
In a x.com/rektcapital/status/1814637013527634090″ target=”_blank”>Publication x On July 20, Rekt Capital shared that bitcoin closed its previous day’s daily candle above the $65,000 support level. According to the analyst, if btc experiences a price drop to this level like the one seen in mid-May, a successful retest will allow the token to reignite its current price rally.
Following the development of this projection, Rekt Capital predicts that the cryptocurrency market leader could reach $71,500, a price region last seen in early June. However, in a subsequent projection x.com/rektcapital/status/1814308531211735410″ target=”_blank”>mail, Rekt Capital suggests that bitcoin might not see any further gains beyond this level in the near term. Instead, btc will enter a range-bound market between $65,000 and $71,500 that is expected to last until August.
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However, a potential breakout of this zone would likely see the asset surpass its all-time high value of $73,750. Alternatively, the failure of $65,000 to serve as a strong support level may allow the btc price to drop to $60,000. In the presence of overwhelming selling pressure, as seen in the first week of July, btc could fall further to around $56,000 – $58,000.
At press time, the cryptocurrency market leader is still trading at $67,394, up 13.5% over the past seven days. bitcoin price performance is now positive across all major time frames, with gains of 4.05% and 125.27% over the past month and the past twelve months, respectively.
'Smart' whale maintains btc accumulation pattern
In other news, a “smart” crypto whale has been buying large amounts of bitcoin in recent days. According to a x.com/lookonchain/status/1814854569740153342″ target=”_blank”>Publication xThe whale acquired 213.78 btc (worth $14.48 million) on Saturday, bringing its total haul over the past four days to 677 btc ($45.6 million).
Notably, this trader is known for buying btc at low prices and selling it at high prices, recording over $30 million in profits in two trades over the past year. With the “smart” whale currently in another accumulation phase, btc may be headed for some major gains in the coming months.
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