Bitcoin price has formed a bullish wedge pattern while hovering near its 2021 all-time high, with hopeful traders targeting a price target of $85,000 next.
“Bitcoin is forming a massive falling wedge near the highs of the last cycle,” anonymous crypto trader Jelle wrote on Xinhua on July 26. postThis is typically seen as a reversal pattern where the price of Bitcoin (BTC) forms a series of higher highs and lower lows, widening the gap as the price falls, anticipating a reversal of the uptrend.
“Price appears poised to surge, and if it does, we expect it to be a rapid move, with an initial target of $85,000,” they added, which is roughly 15% above Bitcoin’s current all-time high of $73,679, hit in March.
According to CoinMarketCap, Bitcoin is currently trading at $67,908, up 2.61% since July 26. data.
A rise to $85,000 would represent a price increase of about 25% – the same as the surge seen on July 21, when Bitcoin recovered from $55,854 in July to $68,181 after dropping below crisis levels.
The next key level for Bitcoin traders is a hit to the all-time high of $69,000, recorded in November 2021. According to CoinGlass, a rise to $69,000 would wipe out $929.65 million in short positions. data.
“It is best to assume that it is still in a wide range and may encounter resistance as it approaches the $72,000 levels,” added Emperor, the anonymous crypto trader.
The speculation comes after Cointelegraph recently reported that Bitcoin has recouped most of its losses since July 25. Traders are waiting to see what happens when former U.S. President Donald Trump takes to the stage at the Bitcoin 2024 conference in Nashville, Tennessee.
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‘No one wants to short Bitcoin over the weekend,’ says 10x Research CEO Markus Thielen I have written From an analyst note dated July 25th.
Seelen explained that there are growing expectations that if Trump is elected US president in November, he will announce plans for a strategic Bitcoin reserve at the Bitcoin Conference on July 27.
Seelen believes futures traders are holding back from taking short positions in Bitcoin due to concerns that the cryptocurrency’s price may spike.
“If Trump announces a strategic reserve fund, Bitcoin will go up even more,” Seelen told Cointelegraph.
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