A widely known cryptocurrency analyst says Bitcoin (BTC) is likely to see further gains after bouncing off a key support zone.
Cryptocurrency trader Rekt Capital told his 483,300 followers on social media platform X in a new strategy session that the crypto giant could hit $71,000 over the Labor Day weekend.
“Bitcoin successfully broke to $65,000 and bounced back. Now let’s see if Bitcoin can rally to $71,500. Bitcoin could rally all weekend long.”
According to the trader, BTC is expected to remain in the price range between $65,000 and $71,000 in the short term as it has been holding $65,000 as support.
“The retest was successful. Bitcoin has established $65,000 as support. The price will now continue to occupy the $65,000-$71,500 area (red).”
Rekt Capital points out that the largest cryptocurrency by market cap is less than halfway through its current bull cycle and is on the verge of another historically significant breakout.
“BTC bull market progress: 41.4% (progress bars based on standard halving cycles).”
At the time of writing, Bitcoin is trading at $67,515, up 2.6% from the previous day.
The strategist concluded his analysis by noting that smart contract platform Solana (SOL) also had a successful retest, meaning it could revisit the $202 resistance level seen earlier this year.
“SOL: Solana retest appears to have been successful. If this red zone continues to hold as new support, SOL could revisit $202 resistance at least over time.”
At the time of writing, Solana is trading at $181.36, up 6.7% over the last 24 hours.
Don’t miss out – subscribe to receive email notifications straight to your inbox
Price check task
Follow us XFacebook and Telegram
Surfing the Daily Hodl Mix
 
Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are your responsibility and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Gorodenkoff/deepme