Looking at Bitcoin in the bigger picture, here’s why I believe $85K is achievable:
Bitcoin has been trading within a descending channel pattern. Recently, we saw a breakout above the previous all-time high of $73.8K. From a technical perspective, this breakout signals the completion of the initial phase, bringing Bitcoin to the mid-range of $75K-$76K as anticipated.
Now, a pullback to the $73K-$72K range could be expected as part of the normal cycle. Once we see a breakout from this mid-range, I anticipate Bitcoin will reach a new ATH of $85K by the end of the year, aligning with the upper boundary of the channel. We are easily touching $90k or maybe even more this year.
This is the full outlook according to my analysis. Let’s see how it unfolds!
