Bitcoin is doing pretty well right now, trading above $67,000. A popular crypto analyst, Rekt Capital, thinks Bitcoin could go even higher, but it depends on a few things.
Bitcoin’s Path to $71,500
Rekt Capital says if Bitcoin dips back down to the $65,000 level (like it did in May) and manages to bounce back, it could start a new rally. This could push Bitcoin as high as $71,500, a price it hasn’t seen since early June.
Range-Bound Market
However, Rekt Capital also thinks Bitcoin might not go much higher than $71,500 in the short term. He expects Bitcoin to trade between $65,000 and $71,500 for the rest of August. If it breaks out of this range, it could even go past its all-time high of $73,750.
Potential Downside
On the other hand, if Bitcoin doesn’t hold the $65,000 support level, it could drop to $60,000. And if things get really bad, it could even fall to $56,000-$58,000.
Smart Whale Accumulating
Meanwhile, a “smart” whale has been buying up a lot of Bitcoin recently. This whale is known for buying low and selling high, and they’ve already made over $30 million in profit in the past year. With them buying up Bitcoin now, it could mean big gains for the cryptocurrency in the coming months.
So, the future of Bitcoin is a bit uncertain. It could reach $71,000, or it could drop back down. Only time will tell what happens next.
