Famous crypto analyst Rekt Capital expresses a positive outlook for Bitcoin (BTC) after it fell to its lowest level in six months. Speaking to his followers on the social media platform X, Rekt Capital stated that Bitcoin is still preparing for the “September breakout.”
Bitcoin, Reaccumulation Range, and CME Gap
According to the analyst, Bitcoin needs to rise above $60,600, the “bottom level of the reaccumulation range,” to achieve this target. Currently, the largest cryptocurrency is trading at $57,123.
Rekt Capital mentioned the existence of a CME Gap between $60,600 and $71,500 in Bitcoin’s reaccumulation range on the Chicago Mercantile Exchange (CME). The CME Gap refers to the difference between Bitcoin’s closing price on Friday and its opening price on Monday.
Rekt Capital stated, “Bitcoin has filled all these CME Gaps in the past months. Why not reclaim and fill this CME Gap,” indicating his expectation for the price to rise towards this range.
Gives 2 Weeks to Fill CME Gap
Regarding how long it might take for Bitcoin to rise above the $60,600 level and fill the CME Gap, the analyst said, “I am giving it a bit more time, but even by next weekend, it could fill this gap and make a weekly close here. I give Bitcoin two weeks to reclaim this $60,600 level as support.”
The analyst added that if this level is reclaimed as support, BTC would return to consolidation within the reaccumulation range, and any downward deviations would be considered buying opportunities.
