Bitcoin price is showing a bullish pattern near its 2021 record high. Traders are eyeing a possible $85,000 target.
On July 26, a crypto trader called Jelle posted about Bitcoin’s price pattern on X. They said, “BTC has formed a massive descending broadening wedge, right around the previous cycle highs.” This pattern often points to a price reversal.
traders often identify this pattern as an indicator of a potential trend reversal. Source: Jelle
Jelle thinks Bitcoin is ready to break out. They predict, “Once it does, I expect the move to be sharp. First target, $85,000.” This target sits about 15% above Bitcoin’s current all-time high of $73,679 from March.
According to CoinMarketCap, BTC is currently trading at $67,908, up 2.61% since July 26. A jump to $85,000 would mean a 25% price increase. Bitcoin moved similarly on July 21, bouncing from $55,854 to $68,181.
Bitcoin is up 1.57% since July 19. Source: CoinMarketCap
Bitcoin Traders Eye $69K Amid Trump Speculation
Traders are watching to see if Bitcoin can hit $69,000, its previous high from November 2021. According to CoinGlass data, if it does, it would wipe out $929.65 million in short positions.
Another trader, Emperor, warns, “We are still in a larger range, and it is best to assume we can find resistance the closer we get to the $72,000 level.”
Source: Rekt Capital
This comes as BTC bounced back from recent losses. Traders are waiting to see what happens when former U.S. President Donald Trump speaks at the Bitcoin 2024 conference in Nashville.
Markus Thielen, CEO of 10x Research, wrote on July 25, “Nobody wants to short BTC into the weekend.” He explained that people think Trump might announce plans for a strategic Bitcoin reserve if he were elected president in November. This idea is making traders hesitant to bet against Bitcoin.
“If Trump announced a strategic reserve, Bitcoin would gap higher,” Thielen adds.
The crypto market is buzzing with anticipation. Traders weigh technical patterns, past price moves, and potential political announcements. While some see bullish signs, others urge caution. As always, the future remains uncertain in the volatile world of cryptocurrencies. Investors should research and consider their risk tolerance before making any moves.
Related Reading | Cardano Gets Ready for Big Change with Chang Update
Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.
Comments (No)