Bitcoin Price Forecast: Bullish Wedge Pattern Indicates Potential $85K Target

Bitcoin’s chart is showing a bullish wedge formation, suggesting a possible 25% price increase in the near future.

• Bitcoin has formed a massive descending broadening wedge near its 2021 all-time highs.
• This pattern typically indicates a reversal with lower highs and lows before an upward trend.
• A breakout is expected, with a target price of $85,000, approximately 15% above the previous all-time high of $73,679.

The current price of Bitcoin is $67,908, up 2.61% since July 26, with a potential move to $85,000 representing a 25% increase.

• Reaching $69,000, the previous all-time high from November 2021, could lead to a significant shift in market dynamics.
• Short positions worth $929.65 million could be liquidated upon surpassing the $69,000 level.

Market analysts caution that resistance may be encountered around the $72,000 level, as traders remain cautious of potential price fluctuations.

Recent market activity has been influenced by speculation surrounding former U.S. President Donald Trump’s upcoming appearance at the Bitcoin 2024 conference in Nashville.

• Traders are hesitant to short Bitcoin, anticipating a positive announcement related to a strategic Bitcoin reserve by Trump.
• If such a reserve is revealed, Bitcoin’s price could experience a significant upward movement.