According to data from CoinMarketCap, Bitcoin’s price returned above $67,000 with a gain of 1.19% in the past 24 hours. Bitcoin appears to have found some stability in this region amid multiple projections of further price gains. Interestingly, popular crypto analyst with X-handle Rekt Capital has revealed a specific scenario where Bitcoin could actually build on its current positive performance.
Bitcoin enters a new range-bound market – Rekt Capital
In a X message 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, such as in mid-May, a successful retest will allow the token to reignite its current price increase.
After developing this projection, Rekt Capital predicts that the crypto market leader could reach $71,500, a price region last seen in early June. However, in the next one after, Rekt Capital suggests that Bitcoin may not see further gains above this level in the near term. Instead, BTC will enter a market range between $65,000 and $71,500, which is expected to last until August.
However, a potential breakout from this zone would likely see the asset push past its all-time high of $73,750. Alternatively, the inability of $65,000 to serve as a strong support level could cause the price of BTC to fall 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 the time of writing, the crypto market leader continues to trade at $67,394, up 13.5% over the past seven days. Bitcoin’s price performance is now positive on all major time frames, with gains of 4.05% and 125.27% in the past month and 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 messagethe whale acquired 213.78 BTC (worth $14.48 million) on Saturday, bringing the total raised over the past four days to 677 BTC ($45.6 million).
This trader is particularly known for buying BTC at low prices and selling high, making over $30 million in profits in two trades over the past year. With the ‘smart’ whale currently in a new accumulation phase, BTC could be on its way to some big gains in the coming months.