A widely followed analyst is expressing bullish sentiment on Bitcoin (BTC) days after the flagship cryptocurrency fell to a six-month low.
The analyst pseudonymously known as Rekt Capital tells his 487,400 followers on the social media platform X that Bitcoin is “still on track for a September breakout.”
To achieve that, trader says that Bitcoin needs to get back above the “re-accumulation range low” located at the $60,600 level.
Bitcoin is trading at $57,239 at time of writing.
According to Rekt Capital, CME gaps have formed in the Bitcoin re-accumulation range that exists between $60,600 and $71,500. A CME gap is the difference between the Friday closing price of Bitcoin and the Monday opening price on the Chicago Mercantile Exchange.
“Reclaiming 6,600 would mean that Bitcoin would need to fill this CME Gap [between $59,415 and $62,550] it has filled all of these CME Gaps over the past several months so why shouldn’t it reclaim and revisit and fill this CME Gap?”
On how long it could take for Bitcoin to get back above the re-accumulation range low and fill the CME Gap, Rekt Capital says,
“I’m giving it a bit more time, even later next week would be a good time to fill the CME Gap and weekly close above here. So I’m giving it two weeks for Bitcoin to fill and reclaim this $60,600 level as support.
And as long as it does that we’re back to consolidation within this re-accumulation range and any sort of downside deviations will simply remain as bargain-buying opportunities.”
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