September Could be a Very Bullish Month for Bitcoin – Here is Why
One of the well-known crypto analysts known as "Rekt Capital" shared a bullish sentiment on Bitcoin (BTC) despite its recent drop to a six-month low.
The expert suggested that Bitcoin remains poised for a September breakout provided it recovers a key support level.
According to him, Bitcoin needs to rise above the “bottom of the re-accumulation range,” which is located at $60,600, to confirm the bullish trend.
#BTC
Still on track for a September breakout, provided BTC reclaims the ReAccumulation Range Low over the coming week or two
Previous downside deviations below the Range Low have figured as bargain opportunities (orange circles)
Will history repeat? $BTC #Crypto #Bitcoin https://t.co/aYnGRTOzdO pic.twitter.com/ChbItZ5eRj
— Rekt Capital (@rektcapital) August 6, 2024
Rekt Capital highlighted the existence of CME gaps within Bitcoin’s re-accumulation range, which lies between $60,600 and $71,500. The CME gap refers to the difference in price between Friday’s closing price of Bitcoin and Monday’s open on the Chicago Mercantile Exchange (CME).
The analyst argues that Bitcoin has consistently closed these gaps in recent months and expects that it will do so again, especially the gaps between $59,415 and $62,550.
READ MORE:
Analyst Predicts Bitcoin Will Rapidly Recover from Recent DropThe expert predicts that Bitcoin could need up to two weeks to regain the $60,600 level as support. Rekt views any price declines below that level as potential buying opportunities, reinforcing its optimistic forecast that the cryptocurrency will eventually consolidate within the re-accumulation range and pave the way for further gains.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
TRON, Tether, and blockchain forensic firm TRM Labs launch T3 Financial Crime Unit (FCU)
Telefónica partners Privado ID to drive digital identities adoption across EU
Towards the End of the FTX Trial: Alameda CEO Caroline Ellison’s Sentencing Date Clarified
The date on which Caroline Ellison, one of the architects of the collapse of FTX, will be sentenced has been announced. Here are all the details.
101 Economists Announced FED’s Interest Rate Policy Forecasts: Here are the Results
According to a Reuters poll, 101 prominent economists shared their predictions on the Fed's interest rate policy.