Bitcoin Exhibits ‘Significant’ Bullish Wedge Formation with Trader Anticipating $85K Target — TradingView Insights

The current trajectory of Bitcoin’s price suggests the formation of an optimistic wedge pattern as it hovers around the record highs of 2021. Enthusiastic traders are setting their sights on a potential surge to an $85,000 benchmark in the near future.

“Bitcoin is exhibiting a sizable descending broadening wedge configuration, situated near the peak values of the last cycle,” an anonymous cryptocurrency analyst by the name of Jelle pointed out in a July 26 X commentary. This pattern is often interpreted as a bearish trend anticipating a bullish reversal, characterized by a series of diminishing peaks and troughs, progressively diverging as the descent continues, but ultimately indicating an expected uptrend shift.

“The price appears primed for a breakout – and I anticipate that when it occurs, the movement will be pronounced. The initial target is $85,000,” Jelle further mentions. This level is roughly 15% above Bitcoin’s highest value ever, $73,679, recorded in March.

Presently, Bitcoin is being traded at $67,908, marking a 2.61% rise since July 26, as per the data available from CoinMarketCap.

An ascension to $85,000 would translate to a 25% enhancement in price, which aligns with the surge observed on July 21, when Bitcoin rallied from a significant dip, springing back from $55,854 to $68,181.

Bitcoin traders are keenly watching the $69,000 threshold, which is the cryptocurrency’s peak value achieved in November 2021. A rise to this level is expected to obliterate $929.65 million worth of short positions, according to figures from CoinGlass.

“We continue to trade within a broader band, and it’s prudent to expect that we may encounter resistance as we approach the $72,000 mark,” stated another concealed cryptocurrency analyst Emperor.

This conjecture arises in the wake of Cointelegraph’s recent report indicating that Bitcoin has regained the bulk of its losses since July 25. Market participants are on the lookout for what will unfold when the former U.S. president, Donald Trump, addresses the Bitcoin 2024 conference set to take place in Nashville, Tennessee.