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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Analyst Reveals Condition For Bitcoin To Reach $71,000 – Details

Semilore Faleti
Semilore Faleti
11 months ago
2 mins read
Bitcoin

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According to data from CoinMarketCap, the price of Bitcoin returned above $67,000  with a 1.19% gain in the last 24 hours. Bitcoin appears to have found some stability in this region amidst multiple projections of further price gain. Interestingly, popular crypto analyst with X handle Rekt Capital has unveiled a particular scenario in which Bitcoin might actually build on its current positive performance.

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Crypto Analyst Says ‘Think Bigger’, Bitcoin Price Is Headed To $100,000

11 months ago

Bitcoin Enters New Range-Bound Market – Rekt Capital

In an X post on July 20,  Rekt Capital shared that Bitcoin closed its daily candle of the previous day above the support level of $65,000. According to the analyst, if BTC experiences a price dip to this level as seen in mid-May, a successful retest will allow the token to reignite its current price rally.

Following the development of this projection, Rekt Capital predicts the crypto market leader could reach as high as $71,500, a price region last seen in early June.  However, in a subsequent post, Rekt Capital suggests that Bitcoin may not record more gains past this level in the short term. Instead, BTC will enter a range-bound market between $65,000 – $71,500 which is expected to last through August.

Bitcoin
Source: Rekt Capital

However, a potential breakout from this zone would likely result in the asset moving past its all-time high value of $73,750. Alternatively, the failure of $65,000 to serve as a strong support level may allow BTC’s price to fall to $60,000. In the presence of overwhelming selling pressure, as seen in the first week of July, BTC could further decline to around $56,000 – $58,000. 

At press time, the crypto market leader continues to trade at $67,394 with a 13.5% increase in the last seven days. Bitcoin’s price performance is now positive on all major time frames with gains of 4.05% and 125.27% in the last one month and twelve months respectively.

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Stalled USDT Liquidity Threatens Bitcoin Price Further Growth – Here’s Why

11 months ago

‘Smart’ Whale Maintains BTC Accumulation Pattern

In other news, a “smart” crypto whale has been purchasing large portions of Bitcoin in recent days. According to an X post, the whale acquired 213.78 BTC (worth $14.48 million) on Saturday, bringing its total haul over the last four days to 677 BTC ($45.6 million).

Notably, this trader is known for purchasing BTC at low prices and selling high, recording over $30 million in profit in two trades over the last year. With the “smart” whale currently in another accumulation phase, BTC may be headed for some major gains in the next few months.

Bitcoin
BTC trading at $67,180 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from The Independent, chart from Tradingview

 

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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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