As Bitcoin nears its 2021 all-time high, traders identify a massive bullish pattern, targeting $85,000.

Traders Eye $85,000 as Bitcoin Develops Bullish Pattern

As it continues to hover near its all-time high from 2021, the price of Bitcoin is developing a bullish wedge pattern. Optimistic traders are looking to $85,000 as the next price objective.

In a July 26 X post, the pseudonymous crypto trader Jelle wrote:

As the price of Bitcoin makes a series of lower highs and lower lows, with the gap expanding as it falls, it is usually viewed as a reversal pattern, suggesting that the rising trend is about to reverse.

According to data compiled by CoinMarketCap, the price of Bitcoin has risen 2.61 percent since July 26 and is now trading at $67,908.

$85,000 Would Mean a Significant 25% Increase for Bitcoin

If Bitcoin were to reach $85,000, it would be a 25% rise from its July 21st peak, when it recovered from a dip below critical levels, going from $55,854 to $68,181.

Reaching $69,000, the previous all-time highs hit in November 2021, is the next crucial level for Bitcoin traders. According to data from CoinGlass, a move to $69,000 will eliminate $929.65 million in short positions.

"We are still in a larger range and it is best to assume we can find resistance the closer we get to $72,000 level," continued the anonymous crypto trader Emperor.

Bitcoin has made up for most of its losses since July 25, according to a recent report by Cointelegraph. Traders are waiting to see what former US president Donald Trump says at the Bitcoin 2024 conference in Nashville, Tennessee, thus this conjecture is based on his potential speech.

"Nobody wants to short Bitcoin into the weekend," stated 10x Research CEO Markus Thielen in an analyst note dated July 25.

Market Awaits Trump's Potential Bitcoin Reserve Announcement

Thielen elaborated on the widespread belief that should he win the presidency in November; Trump will use the July 27 Bitcoin Conference to unveil plans for a strategic Bitcoin reserve.

According to Thielen, upcoming traders are hesitating to take short positions on Bitcoin due to concerns that its price might experience a spike.

"Because if Trump announced a strategic reserve, Bitcoin would gap higher," Thielen explained to Cointelegraph.