Bitcoin Forms Bullish Wave Pattern, Analysts Predict It Could Break Through USD 85,000

Todaysgist.com, Jakarta – Bitcoin price formed a bullish wave pattern and managed to hold near the all-time high set in 2021. Market players are widely expecting Bitcoin price to touch the USD 85,000 per coin level.

Pseudonymous crypto trader Jelle in post X stated that Bitcoin has formed a widening and massive bearish wave, right around the high of the previously printed cycle.

Based on technical analysis, there is a reversal pattern where the Bitcoin price will fall to the level of USD 68,011. Then the price will form a series of lower highs and lower lows. Then the gap widens on the way down which will be a reversal direction in the uptrend.

“The price will continue to soar. The first target is USD 85,000,” he wrote as quoted by cointelegraph, Sunday (7/28/2024).

This is about 15% above Bitcoin’s current all-time high of $73,679, which was hit in March.

CoinMarketCap data shows Bitcoin is currently trading at USD 67,908, up 2.61% since July 26.

A move to $85,000 would represent a BTC price increase of around 25%. This is similar to how Bitcoin bounced back from a drop below a critical level, recovering from $55,854 in July and returning to $68,181.

The next critical level for Bitcoin traders is reaching USD 69,000, the previous all-time high reached in November 2021.

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

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