Bitcoin (BTC) Price Develops Bullish Wedge Pattern, Targeting $85,000 as the Next Objective

As it continues to hover near its all-time high from 2021, the price of Bitcoin is developing a bullish wedge pattern. Optimistic traders are looking to $85,000 as the next price objective.

Bitcoin price is forming a bullish wedge pattern as it continues to trade around its 2021 all-time high, with optimistic traders eyeing a move to $85,000.

Pseudonymous crypto trader Jelle highlighted this potential in a July 26 X post, noting that as an asset makes a series of lower highs and lower lows, expanding the gap on the way down, it’s typically viewed as a reversal pattern, suggesting the rising trend is about to pivot.

According to CoinMarketCap data, Bitcoin’s price has risen 2.61% since July 26 and is currently trading at $67,908.

Reaching $85,000 would mark a 25% ascent from Bitcoin’s July 21 peak, up from recovering from a dip below key levels, moving from $55,854 to $68,181.

The next crucial level for Bitcoin traders is reaching $69,000, which would wipe out $929.65 million in short positions, according to CoinGlass data.

“We are still in a larger range and it is best to assume we can find resistance the closer we get to $72,000,” added anonymous crypto trader Emperor.

Bitcoin has recovered most of its losses since July 25, as reported by Cointelegraph, with traders watching for former U.S. President Donald Trump's remarks at the Bitcoin 2024 Conference in Nashville, Tennessee, setting the stage for this speculation regarding his potential announcement.

“Nobody wants to short Bitcoin into the weekend,” 10x Research CEO Markus Thielen noted in an anlyst statement on July 25.

Thielen went on to highlight the common belief that if he were to secure the presidency in November, Trump would use the July 27 Bitcoin Conference to announce plans for a strategic Bitcoin reserve.

According to Thielen, upcoming traders are hesitant to open short positions on Bitcoin because they anticipate its price will spike.

“Because if Trump announced a strategic reserve, Bitcoin would gap higher,” Thielen told Cointelegraph.