Bitcoin is up over 4.5% today, marking a notable pump for the king of cryptos. The BTC price is now trading well above $61k, and for now, bulls should protect that $60k level that was finally reclaimed after a few uneventful days.
Over the past six weeks, wallets holding between 100 to 1,000 BTC—often referred to as “whales” in crypto —have been on a buying spree. They have added approximately 94,700 Bitcoin to their holdings. This accumulation comes at a time when market volatility has led many smaller traders to exit their positions, suggesting that these key players see potential value despite short-term price fluctuations.
Additionally, yesterday saw Bitcoin ETFs experience an inflow of over $60 million, which could have positively affected sentiment among crypto traders.
Bitcoin's whales, specifically wallets that hold between 100-1K BTC, have accumulated 94.7K more coins in the last 6 weeks. As price uncertainty has shaken many traders out of crypto, key stakeholders are loading up. pic.twitter.com/hrhlVrNqNU
— Santiment (@santimentfeed) August 19, 2024
Rekt Capital’s 35-Day Breakout Bitcoin Price Prediction
Rekt Capital posted a new detailed analysis on Bitcoin price in his latest newsletter. He believes that BTC will breakout in 35 days.
According to Rekt Capital, the predominant market structure for Bitcoin can be conceptualized in two ways: the Weekly Channel and the Re-Accumulation Range.
Source: newsletter.rektcapital.co
“When it comes to the Weekly Channel, Bitcoin has been trying to reclaim the bottom of it as support for the past 3-weeks or so but to no avail,” Rekt Capital explains. He notes that last week, Bitcoin needed to perform a Weekly Close above $58,888 to secure this reclaim but failed to do so.
However, due to the declining nature of the Channel Bottom, it will represent lower prices, making it technically easier for the price to Weekly Close above it in the future. This week, the price point of the Channel Bottom has slightly dropped to ~$58,674.
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Rekt Capital further elaborates on the Re-Accumulation Range perspective: “Historically, Bitcoin has broken out from ReAccumulation Range some 150-160 days after the Halving. Given that we are 126 days after the Halving, that means that Bitcoin could be just over a month away from a breakout from the Range.”
He emphasizes that Bitcoin first needs to reclaim the Re-Accumulation Range as support, starting with a positive reclaim of the Weekly Channel Bottom followed by a positive reclaim of the Re-Accumulation Range Low at $60,600.
Interestingly, since Rekt Capital’s newsletter, Bitcoin’s price has actually broken above the $60,600 level, potentially signaling the start of this reclamation process.
The analyst suggests that a September breakout would align with historical tendencies while still indicating a slightly accelerated cycle for Bitcoin.
Read also: Ripple Analyst Warns: Bitcoin Maxis Don’t Want You to Know This- Will XRP Price Explode?
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The post Why Is Bitcoin Price Pumping Today? Crypto Analyst Says BTC Will ‘Breakout’ in 35 Days appeared first on CaptainAltcoin.
