As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market volatility and price swings. The recent surge in Bitcoin’s price back above $67,000 is a welcome sight, especially after the steep correction we witnessed earlier this month.
Based on information from CoinMarketCap, the cost of Bitcoin surpassed $67,000 once more, registering a 1.19% increase within the last 24 hours. Bitcoin seems to have gained some footing in this area following numerous forecasts suggesting additional price growth. Notably, renowned crypto analyst with the handle Rekt Capital has presented a potential situation where Bitcoin could potentially strengthen its current positive trend.
Bitcoin Enters New Range-Bound Market – Rekt Capital
On July 20th, Rekt Capital posted on X that Bitcoin ended the previous day’s trading session above the $65,000 support mark. The analyst indicated that if Bitcoin dips to this price point, similar to what occurred in mid-May, a successful retest could rekindle its ongoing price surge.
Based on current trends, Rekt Capital anticipates that the crypto market’s top performer could peak at an astounding $71,500, a price point previously touched in early June. Nevertheless, according to their subsequent analysis, Bitcoin might not surpass this level again in the near future. Instead, BTC is predicted to trade within a narrow range of around $65,000 to $71,500 throughout August.
If the digital asset manages to escape from its current price range, it’s probable that its value will surpass its record high of $73,750. Conversely, should the support at $65,000 prove insufficient, Bitcoin’s price could slip to $60,000. In the face of intense selling activity, similar to the occurrence in early July, the cryptocurrency may slide further down to approximately $56,000 – $58,000.
As of the current news update, the top cryptocurrency is transacting at a price of $67,394, representing a 13.5% surge over the past week. Bitcoin’s price trend has turned favorable across all significant timeframes, with a 4.05% rise in the last month and an impressive 125.27% growth in the previous year.
‘Smart’ Whale Maintains BTC Accumulation Pattern
In more recent developments, a savvy Bitcoin investor, referred to as a “crypto whale,” has been amassing significant amounts of the digital currency in the past few days. As reported on an X post, this astute investor bought 213.78 BTC (equivalent to $14.48 million) on Saturday alone. With this latest acquisition, their total Bitcoin stash now reaches 677 BTC ($45.6 million) amassed within the last four days.
Based on my extensive experience in following the cryptocurrency market and observing the trading activities of various players, I have come to notice that this particular trader is renowned for his knack of buying Bitcoin (BTC) at rock-bottom prices and then selling it off at a substantial profit. In fact, he has managed to rake in over $30 million from just two trades last year alone. Given my knowledge of the market trends and this trader’s past successes, I believe that with the “smart” whale currently in another phase of accumulating more BTC, we can anticipate some significant price increases for Bitcoin in the upcoming months.
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2024-07-21 10:52