Bitcoin's bullish wedge pattern suggests a potential 25% price surge, with traders targeting $85,000. Analysts see a sharp breakout soon.
Bitcoin traders are buzzing as the cryptocurrency forms a bullish wedge pattern, signaling a potential upward trend. With Bitcoin lingering near its 2021 all-time highs, traders are optimistic about a breakout, eyeing a target of $85,000.
Key Points:
Bullish Wedge Pattern:
Bitcoin is forming a descending broadening wedge pattern, a bullish indicator suggesting a trend reversal.
This pattern typically signals a sequence of lower highs and lower lows with an expectation of an upward breakout.
Price Target of $85,000:
Crypto trader Jelle predicts a sharp move with a first target of $85,000, approximately 15% above Bitcoin’s current all-time high of $73,679.
Achieving this target would represent a 25% price increase from the current levels.
Current Market Performance:
Bitcoin is trading at $67,908, showing a 2.61% increase since July 26.
A move to $85,000 echoes the previous spike seen in late July when Bitcoin recovered from $55,854 to $68,181.
Resistance and Short Positions:
The next critical level for Bitcoin is $69,000, its all-time high from November 2021.
Reaching $69,000 would eliminate $929.65 million in short positions, according to CoinGlass data.
Market Sentiment and Speculation:
Traders are cautious, with some predicting resistance near the $72,000 level.
Speculation is heightened by the upcoming Bitcoin 2024 conference, where former President Donald Trump might announce strategic Bitcoin plans if elected.
As Bitcoin forms a bullish wedge pattern, the market is rife with optimism and speculation. Traders are watching closely for a breakout, with many targeting an ambitious $85,000. The coming weeks will be pivotal in determining whether Bitcoin can reach new heights.
Source: Cointelegraph
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