Bitcoin is reaching a bullish wedge pattern, lingering near its 2021 peak, with traders optimistic about reaching a new high. The cryptocurrency has created a significant descending broadening wedge, which often indicates a potential upward trend reversal, according to trader Jelle in a July 26 X post.
The wedge pattern has BTC forming a series of lower highs and lower lows, with the gap widening as it declines. Jelle expects Bitcoin to increase significantly once it exits this pattern. The initial target is set at $85,000, which is about 15% above its previous all-time high of $73,679.
The ongoing bullish trend has sparked positive buying sentiment in the market. TradingView reports that the token’s RSI is currently at 62.14. US spot Bitcoin ETFs have seen steady inflows recently, including a significant $422 million influx last week. Despite the spot ETH ETF launch, BTC ETFs continue to captivate investors’ interest.
Bitcoin Price Rise and Market Dynamics
According to CoinMarketCap, Bitcoin is currently valued at $67,960, which represents a 1.48% increase in value over the past 24 hours since July 26th. Meanwhile, the price of BTC reaches $85,000. The same type of spike happened on July 21, when BTC bounced back from its low mark of $55,854 to $68,181.
It remains the largest cryptocurrency, with a market cap of around $1.34 trillion. Over the last day, trading volumes increased by 27.48%, and they stand at around $25.66 billion USDT today. The Emperor trader also warned that based on current trading ranges, there could be resistance levels for Bitcoin around $72k.
Markus Thielen, CEO of 10x Research, said this in relation to the lack of traders shorting BTC ahead of weekends. Thielen speculated that former President Donald Trump might announce plans for a strategic BTC reserve at the upcoming Bitcoin Conference on July 27 if he wins the presidential election in November.
Thielen declared on July 2024 that traders are not keen on betting against BTC as they see that even a suggestion of this type of plan could make its price explode upwards. Such consideration reflects an anticipation within the market that important future developments might impact BTC prices later on.
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