September Could be a Very Bullish Month for Bitcoin – Here is Why

One of the well-known crypto analysts known as "Rekt Capital" shared a bullish sentiment on Bitcoin (BTC) despite its recent drop to a six-month low.

The expert suggested that Bitcoin remains poised for a September breakout provided it recovers a key support level.

According to him, Bitcoin needs to rise above the “bottom of the re-accumulation range,” which is located at $60,600, to confirm the bullish trend.

#BTC

Still on track for a September breakout, provided BTC reclaims the ReAccumulation Range Low over the coming week or two

Previous downside deviations below the Range Low have figured as bargain opportunities (orange circles)

Will history repeat?$BTC #Crypto #Bitcoin https://t.co/aYnGRTOzdO pic.twitter.com/ChbItZ5eRj

— Rekt Capital (@rektcapital) August 6, 2024

Rekt Capital highlighted the existence of CME gaps within Bitcoin’s re-accumulation range, which lies between $60,600 and $71,500. The CME gap refers to the difference in price between Friday’s closing price of Bitcoin and Monday’s open on the Chicago Mercantile Exchange (CME).

The analyst argues that Bitcoin has consistently closed these gaps in recent months and expects that it will do so again, especially the gaps between $59,415 and $62,550.

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Analyst Predicts Bitcoin Will Rapidly Recover from Recent Drop

The expert predicts that Bitcoin could need up to two weeks to regain the $60,600 level as support. Rekt views any price declines below that level as potential buying opportunities, reinforcing its optimistic forecast that the cryptocurrency will eventually consolidate within the re-accumulation range and pave the way for further gains.

Alexander Stefanov