Bitcoin price is forming a bullish wedge pattern while still hovering near All-Time-High , with hopeful traders eyeing the next price target of $85,000.
“Bitcoin has formed a large descending broadening wedge, right around the previous cycle high,” anonymous crypto trader Jelle wrote in a July 26 post on reversal pattern in which Bitcoin (BTC) price forms a chain of lower highs and lower lows, with the gap widening as the price declines, in expectation of a bullish trend reversal.
“Price seems eager for a breakout — and once that happens, I expect the move to be very strong. The first target is $85,000,” the analyst added, about 15% higher than Bitcoin’s current All-Time-High of $73,679, reached in March.
According to CoinMarketCap data , Bitcoin is currently trading at $67,908, up 2.61% since July 26. An increase to $85,000 would represent a price increase of about 25%.
The next key level for Bitcoin traders is reaching $69,000, the previous All-Time-High reached in November 2021. According to CoinGlass data , a move towards $69,000 would wipe out 929, 65 million USD in Short positions.
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