A popular analyst is expressing bullish sentiment towards Bitcoin (BTC) days after the flagship cryptocurrency fell to a six-month low.
An analyst who goes by the pseudonym Rekt Capital told his 487,400 followers on social media site X that Bitcoin is “still on track for a September breakout.”
According to the trader, for this to happen, Bitcoin needs to rise above the “re-accumulation range low” located at $60,600.
At the time of writing, Bitcoin is trading at $57,239.
According to Rekt Capital, the CME gaps formed in the Bitcoin re-accumulation range, which is between $60,600 and $71,500. The CME gap is the difference between Bitcoin’s Friday closing price and Monday’s opening price on the Chicago Mercantile Exchange.
“A return to 6600 would mean Bitcoin would have to fill that CME gap [between $59,415 and $62,550] He’s filled all these CME gaps in the last few months, so why wouldn’t he take back this CME gap and revisit it and fill it?”
On how long it might take for Bitcoin to rise above the re-accumulation range low and fill the CME gap, Rekt Capital has the following to say:
«I’m giving it a little more time, even later next week would be a good time to fill the CME gap and the weekly close higher here. So I’m giving Bitcoin two weeks to fill and reclaim that $60,600 level as support.
And as long as that happens, we’re back to consolidation in that re-accumulation range, and any downside deviations will simply remain buying opportunities.”
Generated image: Midjourney
