🚀 Bitcoin Bullish Momentum: Eyes on $85,000 Target! 🚀
🚀 Bitcoin Bullish Momentum : Is $85,000 the Next Target? 🚀
Bitcoin 🪙 has been making headlines once again as it shows promising signs of forming a bullish wedge pattern, pushing closer to its all-time highs set in 2021. Traders and enthusiasts alike are buzzing with excitement about a potential new price target: $85,000 📈.
Crypto trader Jelle, a prominent voice on social media platform X, highlighted in a July 26 post that “Bitcoin has formed a massive descending broadening wedge, right around the previous cycle highs.” This pattern, characterized by a series of lower highs and lower lows that gradually expand, typically signals a bullish trend reversal is on the horizon 🔄.
Jelle further elaborated, “Price looks eager for a breakout — and once it does, I expect the move to be sharp. First target, $85,000.” This ambitious target sits about 15% above Bitcoin’s current all-time high of $73,679, achieved back in March 🗓️.
As of now, Bitcoin is trading at $67,908, marking a 2.61% increase since July 26, according to CoinMarketCap data 📊. Should Bitcoin hit the $85,000 mark, it would represent a significant 25% increase, reminiscent of the notable price surge on July 21 when Bitcoin soared from $55,854 to $68,181 📉➡️📈.
The next crucial milestone for Bitcoin enthusiasts to watch is $69,000, its all-time high from November 2021. Reaching this level could lead to the liquidation of approximately $929.65 million in short positions, based on data from CoinGlass 💼💸. Crypto trader Emperor, another influential voice in the trading community, cautioned, “We are still in a larger range, and it is best to assume we can find resistance the closer we get to the $72,000 level.”
Recent market movements have also been influenced by reports of Bitcoin recovering most of its losses since July 25. Traders are closely monitoring the anticipated appearance of former U.S. President Donald Trump at the Bitcoin 2024 conference in Nashville, Tennessee 🎤🇺🇸. Markus Thielen, CEO of 10x Research, noted in a July 25 analyst note, “Nobody wants to short Bitcoin into the weekend.”
Thielen added that there is speculation Trump might announce plans for a strategic Bitcoin reserve if he is elected president in November 🗳️. “Because if Trump announced a strategic reserve, Bitcoin would gap higher,” Thielen explained, highlighting why many traders are reluctant to take short positions at this time 🚀.
As Bitcoin continues its thrilling journey, all eyes are on whether it can break through and achieve these new heights. Stay tuned for more updates! 🌕 #Bitcoin #Crypto #BTC #Bullish #CryptoNews
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