Bitcoin is trading at $67,908, up 2.61% since July 26, forming a bullish wedge pattern.
Traders anticipate a breakout to $85,000, a 25% increase from current levels.
A move to $69,000 could liquidate $929.65 million in short positions, with $72,000 seen as a key resistance level.
Bitcoin’s price is exhibiting a bullish wedge pattern, lingering near its 2021 all-time highs. This pattern has traders hopeful for a significant upward move. Currently trading at $67,908, Bitcoin is up 2.61% since July 26, according to CoinMarketCap data.
Market Expectations
Pseudonymous crypto trader Jelle highlighted in a July 26 X post that Bitcoin has formed a descending broadening wedge near its previous cycle highs. This pattern is typically seen as a reversal indicator. It forms a sequence of lower highs and lower lows, with the gap widening as it falls, setting the stage for a potential upward trend reversal.
Jelle stated, “Price looks eager for a breakout — and once it does, I expect the move to be sharp. First target, $85,000.”
#Bitcoin has formed a massive descending broadening wedge, right around the previous cycle highs!Price looks eager for a breakout — and once it does, I expect the move to be sharp.First target: $85,000. pic.twitter.com/26rTfGjbFp
— Jelle (@CryptoJelleNL) July 26, 2024
Historical Context and Future Predictions
A move to $85,000 would represent about a 25% price increase. Such a spike was observed on July 21 when Bitcoin rebounded from dropping below critical levels, recovering from $55,854 to $68,181.
The next critical level for Bitcoin traders is reaching $69,000, which was its previous all-time high in November 2021. According to CoinGlass data, a step to $69,000 will liquidate $929.65 million in short positions.
Pseudonymous crypto trader Emperor added, “We are still in a larger range and it is best to assume we can find resistance the closer we get to $72,000 level.” This cautious optimism suggests traders are watching for resistance levels while anticipating the potential for substantial gains.
The current bullish wedge pattern in Bitcoin’s price charts has traders eyeing significant price targets. With historical patterns and market sentiment suggesting a potential breakout, the coming weeks will be crucial for Bitcoin traders. The focus remains on key levels like $69,000 and the potential for a sharp move to $85,000.
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