Langgam Pos - Bitcoin is currently exhibiting a bullish wave pattern and remains resilient near its all-time high set in 2021. Market participants are hopeful that Bitcoin could reach $85,000 per coin.
Crypto trader known as Jelle, in a recent X post, pointed out that Bitcoin has formed a massive and widening downward wave, aligning with the previous cycle's peak. According to his technical analysis, a reversal pattern suggests Bitcoin’s price may initially dip to $68,011, followed by a series of lower highs and lower lows. This widening gap during the downturn is expected to mark the beginning of an upward trend reversal.
“Prices are set to continue climbing. The first target is $85,000,” Jelle stated, as reported by Cointelegraph on Sunday (July 28, 2024).
This target is approximately 15% above Bitcoin’s current all-time high of $73,679, reached in March.
According to CoinMarketCap, Bitcoin is currently trading at $67,908, reflecting a 2.61% increase since July 26.
A move to $85,000 would represent a 25% price increase for BTC. This mirrors Bitcoin’s recovery from a critical decline, rebounding from $55,854 in July to $68,181.
The next critical level for Bitcoin traders is reaching $69,000, the previous all-time high from November 2021.
“We are still in a larger range, and it is prudent to assume that resistance will grow as we approach the $72,000 level,” added anonymous crypto trader Emperor.
Awaiting Trump’s Statement
This speculation arises following Cointelegraph’s recent report that Bitcoin has recovered much of its losses since July 25, as traders await former U.S. President Donald Trump’s appearance at the Bitcoin 2024 conference in Nashville, Tennessee.
“No one wants to offload Bitcoin until the weekend,” wrote 10x Research CEO Markus Thielen in an analyst note on July 25.
Thielen explained that there are high expectations that Trump will announce plans for a strategic Bitcoin reserve at the Bitcoin Conference on July 27, should he be re-elected as U.S. President in November.
Thielen believes that future traders are postponing short positions on Bitcoin due to concerns that the price might surge.
“If Trump announces a strategic reserve, Bitcoin is expected to rise further,” Thielen told Cointelegraph.
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