Bitcoin price is forming a rising wedge pattern near 2021 all-time highs, with hopeful investors eyeing $85,000 as the next price target.

Anonymous crypto trader Jelle noted in an X post on July 26 that Bitcoin was forming a widening wedge pattern around previous cycle highs. This is often seen as a trend reversal and the price is expected to make an upward reversal.

Bitcoin is currently trading at $67,908 and is up 2.61% since July 26. A move to $85,000 would represent a price increase of approximately 25%.

The next critical level is $69,000, reached in November 2021. Reaching this level would wipe out $929.65 million in short positions.

Do you think Bitcoin can achieve these goals? We are waiting your comments.