An experienced cryptocurrency analyst believes that Bitcoin (BTC) could see more gains after bouncing back from a key support level.
During a recent strategy session, popular crypto trader Rekt Capital shared with his 483,300 followers on X that Bitcoin might surge past $71,000 over the upcoming Labor Day weekend.
“Bitcoin successfully tested the $65,000 mark and rebounded. Now, let’s see if Bitcoin can rally towards $71,500. Bitcoin has the entire long weekend to make it happen.”
According to Rekt Capital, as Bitcoin held the $65,000 level as support, it is likely to remain in a price range 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 stay in the $65,000-$71,500 region (red).”
Rekt Capital also mentioned that Bitcoin is still early in its current bull cycle and historically poised for another breakout.
“BTC Bull Market Progress: 41.4% (progress bar based on standard halving cycles).”
At the time of writing, Bitcoin is priced at $67,515, showing a 2.6% increase within the day.
In conclusion, the analyst pointed out that Solana (SOL) also had a successful retest, indicating a potential return to the $202 resistance level, which previously acted as a barrier earlier this year.
“SOL: It appears that the Solana retest was successful. If it continues to hold the red area as new support, SOL could revisit the $202 resistance in the future.”
As for Solana, it is currently trading at $181.36, marking a 6.7% increase in the last 24 hours.
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