Can Bitcoin Price Hit ATH Soon?

Bitcoin's chart is currently displaying a bullish pattern that suggests a possible 25% price increase from its current level. The cryptocurrency is forming a descending broadening wedge pattern, which typically indicates a potential reversal. This pattern occurs when Bitcoin’s price forms lower highs and lower lows, with the gap widening as it declines, signaling an anticipated upward trend.

Price Target: $85,000

Traders are eyeing a significant price target of $85,000. According to pseudonymous crypto trader Jelle in a July 26 X post, Bitcoin's price is poised for a sharp breakout. “Bitcoin has formed a massive descending broadening wedge near the previous cycle highs,” Jelle explained. The expectation is for the price to rise sharply once the breakout occurs.

Current Price and Recent Movements

Bitcoin is currently trading at $67,908, up 2.61% since July 26, as per Coinpedia Markets data. The anticipated move to $85,000 would represent about a 25% increase from its current price. This level is also approximately 15% above Bitcoin’s all-time high of $73,679, reached in March.

Recent Price Recovery

Bitcoin has shown resilience recently. On July 21, it bounced back from a drop below critical levels, recovering from $55,854 to $68,181. This recovery further fuels optimism for a significant upward movement.

As Bitcoin continues to trade near its all-time highs, the current bullish pattern and recent price action suggest that traders should remain attentive to potential gains.