Bitcoin price is forming a rising wedge pattern while remaining near its 2021 all-time high, with traders hoping to hit their next $85,000 price target.

“Bitcoin has formed a broad falling wedge, right around the highs of the previous cycle,” crypto trader Jelle wrote in a post on X July 26, which is often considered a reversal pattern where BTC price forms a series of lower highs and lower lows, with the gap widening as the price declines, with the expectation of a bullish trend reversal.

This pattern is often spotted by traders as a potential trend reversal. Source: Jelle

“Price looks poised to break out – and when that happens, I expect the move to be very strong. First target, $85,000,” he added, which is about 15% above Bitcoin’s current all-time high of $73,679, reached in March.

Currently, Bitcoin is trading at $67,900, up 2.6% since July 26, according to data from CoinMarketCap.

A move to $85,000 would represent a price increase of around 25% – a rally seen on July 21, when Bitcoin bounced back from falling below key levels, recovering from $55,854 in July to $68,181 again.

The next key level for Bitcoin traders is reaching $69,000, the previous all-time high reached in November 2021. A step to $69,000 would erase $929.65 million in short positions, according to CoinGlass data .

“We are still in a larger range and it is best to assume that we may encounter resistance closer to $72,000,” anonymous crypto trader Emperor added.

Source: Rekt Capital

This speculation comes after Bitcoin has recovered most of its losses since July 25 as traders wait to see what happens when former US President Donald Trump appears at the Bitcoin 2024 conference in Nashville, Tennessee.

“No one wants to short Bitcoin over the weekend,” 10x Research CEO Markus Thielen wrote in a July 25 analyst note.

Thielen explained that there are high expectations that Trump will announce plans for a strategic Bitcoin reserve at the Bitcoin Conference on July 27 if he is elected president of the United States in November.

Thielen believes that futures traders are holding off on taking short positions on Bitcoin because they fear the price could skyrocket.

“Because if Trump announces a strategic reserve, Bitcoin will surge,” Thielen said.

Source: https://tapchibitcoin.io/bitcoin-hinh-thanh-mo-hinh-nem-tang-lon-khi-trader-nham-toi-85k.html