A widely followed crypto analyst says Bitcoin (BTC) could have even more upside potential after a recovery from a key support zone.
In a new strategy session, crypto trader Rekt Capital tells his 483,300 followers on the social media platform
“Bitco successfully dropped to $65,000 and recovered. Now let’s see if Bitcoin rises to $71,500 now. Bitcoin has a very long weekend to do it.”
According to the trader since BTC held As a support zone at USD 65,000, it will remain within a price range between USD 65,000 and USD 71,000 in the short term.
“The retest was successful. Bitcoin has confirmed $65,000 as support. The price will now continue to occupy the $65,000-$71,500 region (red).
Rekt Capital goes further remark that the most important crypto asset, as measured by market capitalization, is not yet halfway through the current bull cycle and is historically on the right track lump of a new outbreak.
“BTC Bull Market Progress: 41.4% (progress bar based on standard halving cycles).”
Bitcoin is trading at $67,515 at the time of writing, up 2.6% on the day.
The strategist concludes his analysis in saying that smart contract platform Solana (SOL) has also had a successful retest, meaning it could reach $202 again, an area that served as resistance earlier this year.
“SOL: It appears the Solana retest was successful. Continue to hold this red area while new support and SOL could at least revise the $202 resistance over time.”
Solana is trading at $181.36 at the time of writing, up 6.7% over the last 24 hours.
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Featured image: Shutterstock/Gorodenkoff/deepme