bullish

Bitcoin

<ul>
 <li>Bitcoin is trading at $67,908, up 2.61% since July 26, forming a bullish wedge pattern.</li>
 <li>Traders anticipate a breakout to $85,000, a 25% increase from current levels.</li>
 <li>A move to $69,000 could liquidate $929.65 million in short positions, with $72,000 seen as a key resistance level.</li>
</ul>
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 <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap data</a>.
Market Expectations
Pseudonymous crypto trader Jelle highlighted in a July 26 X <a href="https://x.com/CryptoJelleNL/status/1816806422195167300" target="_blank" rel="noopener noreferrer nofollow">post</a> 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.&nbsp;
Jelle stated, “Price looks eager for a breakout — and once it does, I expect the move to be sharp. First target, $85,000.”
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 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> 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. <a href="https://t.co/26rTfGjbFp" rel="noopener noreferrer nofollow">pic.twitter.com/26rTfGjbFp</a>— Jelle (@CryptoJelleNL) <a href="https://twitter.com/CryptoJelleNL/status/1816806422195167300?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 26, 2024</a>
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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.&nbsp;
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.&nbsp;
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 <a href="https://cryptonewsland.com/financial-analyst-announces-new-bitcoin-bull-run/" target="_blank" rel="noopener noreferrer nofollow">substantial gains</a>.
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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</ul>
The post <a href="https://cryptonewsland.com/bitcoin-eyes-85000-target-as-bullish-wedge-pattern-forms/" rel="noopener noreferrer nofollow">Bitcoin Eyes $85,000 Target as Bullish Wedge Pattern Forms</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Bitcoin Eyes $85,000 Target as Bullish Wedge Pattern Forms

Crypto News Land

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