According to data from CoinMarketCapBitcoin price is back above $67,000 with a 1.19% escalate in the last 24 hours. Bitcoin seems to be finding some stability in this region amidst many predictions of further price growth. Interestingly, a popular crypto analyst called X Rekt Capital has revealed a specific scenario where Bitcoin could actually build on its current positive performance.

Bitcoin Enters Up-to-date Range-Circumscribed Market – Rekt Capital

IN Posts X On July 20, Rekt Capital reported that Bitcoin closed its previous day’s daily candle above the $65,000 support level. According to the analyst, if BTC price falls to this level, as it did in mid-May, a successful retest would allow the token to reignite its current price rally.

After making this forecast, Rekt Capital predicts that the cryptocurrency market leader could reach the level of $71,500, which was last seen in early June. However, in the next fasting, Rekt Capital suggests that Bitcoin may not see major gains above this level in the miniature term. Instead, BTC will enter a range-bound market between $65,000 and $71,500, which is expected to last until August.

However, a potential breakout from this zone would likely see the asset surpass its all-time high of $73,750. Alternatively, failure of $65,000 as a sturdy support level could allow BTC price to fall to $60,000. In the face of overwhelming selling pressure, as seen in the first week of July, BTC could continue to fall to around $56,000-$58,000.

At the time of going to press, the cryptocurrency market leader is still trading at $67,394, having gained 13.5% over the past seven days. Bitcoin’s price performance is currently positive across all major time frames, with gains of 4.05% and 125.27% over the past month and twelve months, respectively.

‘Astute’ Whale Maintains BTC Accumulation Pattern

In other news, a “smart” cryptocurrency whale has been buying gigantic amounts of Bitcoin in recent days. According to Posts XOn Saturday, the whale acquired 213.78 BTC (worth $14.48 million), bringing the total to 677 BTC ($45.6 million) acquired over the past four days.

It’s worth noting that this trader is known for buying BTC low and selling high, recording over $30 million in profits in just two trades over the past year. With the “smart” whale currently in another accumulation phase, BTC could be headed for some massive gains in the next few months.