A widely followed crypto analyst says that Bitcoin (BTC) could have further upside after rebounding off a major support zone.
In a new strategy session, crypto trader Rekt Capital tells his 483,300 followers on the social media platform X that the crypto king could shoot up past $71,000 over the Labor Day weekend.
“Bitcoin successfully dipped into $65,000 and rebounded. Now let’s see if Bitcoin now rallies to $71,500. Bitcoin has an entire long weekend to do it.”
According to the trader, since BTC held $65,000 as its support zone, it will continue to stay in a price range of between $65,000 and $71,000 in the short term.
“The retest was successful. Bitcoin has confirmed $65,000 as support. Price will now continue to occupy the $65,000-$71,500 region (red).”
Rekt Capital goes on to note that the top crypto asset by market cap is less than halfway done with its current bull cycle and historically on the cusp of another breakout.
“BTC Bull Market Progress: 41.4% (progress bar based on standard halving cycles).”
Bitcoin is trading for $67,515 at time of writing, a 2.6% increase on the day.
The strategist concludes his analysis by saying that smart contract platform Solana (SOL) also had a successful retest, meaning that it could reach $202 once again, an area that served as resistance earlier this year.
“SOL: Looks like the Solana retest was successful. Continue to hold this red area as new support and SOL will be able to at least revisit the $202 resistance over time.”
Solana is trading for $181.36 at time of writing, a 6.7% increase during the last 24 hours.
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Featured Image: Shutterstock/Gorodenkoff/deepme
