Bitcoin forming ‘massive’ bullish wedge pattern as trader eyes $85K
Bitcoin’s bullish pattern on the chart is signaling to crypto traders a potential 25% price increase from its current level.
Bitcoin’s price is forming a bullish wedge pattern while lingering near its 2021 all-time highs, with hopeful traders eyeing a price target of $85,000 next.
“Bitcoin has formed a massive descending broadening wedge, right around the previous cycle highs,” pseudonymous crypto trader Jelle wrote in a July 26 X post, which is typically seen as a reversal pattern where Bitcoin’s (BTC) price forms a sequence of lower highs and lower lows, with the gap widening as it falls, with the expectation of a upward trend reversal.
“Price looks eager for a breakout — and once it does, I expect the move to be sharp. First target, $85,000,” they added, which is around 15% above Bitcoin’s current all-time high $73,679, which it reached in March.
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Author: Ciaran Lyons
