Bitcoin (BTC) has been struggling to stay above the $66,000 support level for days, and an analyst has drawn a roadmap to BTC’s ATH, capturing everyone’s attention.
Bitcoin Analysis
Mags, an analyst, noted in a post on July 31 that Bitcoin is moving within an expanding wedge formation, a technical pattern indicating a significant price movement.
Bitcoin’s price is consolidating near the upper resistance line of this wedge formation, marking a critical point. The analyst suggested that this consolidation phase could trigger a breakout leading to a significant upward rally.
Especially in Bitcoin’s chart (below), it is observed that the price movement has been forming an expanding wedge pattern since the beginning of this year. This formation is generally considered a preparation for a breakout.
Given this scenario, it is more likely that the breakout will be upward, considering the price consolidation near the upper boundary.
1 Bitcoin in TL?
Mags’s chart indicates a technical target of $95,700 for a potential breakout. The price target is based on the wedge’s height at its widest point, depending on the rise from the breakout level. The analyst commented:
The price is consolidating near the upper resistance line, and a breakout could lead to a significant upward rally. The technical target for this formation is $95,700.
The analyst’s targets align with a broader positive outlook in the cryptocurrency market. Many analysts, like Mags, expect a rise in Bitcoin, especially in the last quarter of 2024. Despite this, it is important to remember that Bitcoin is still struggling to stay above $66,000 in the short term.
At the time of writing, Bitcoin is trading at $66,450, a 1% daily increase. Recently, Bitcoin rose to $70,000 but then sharply fell below $66,000. BTC’s price in TRY is around 2,200,000 TL.
It is important to note that Bitcoin’s price could exhibit volatile movements following the upcoming FED decision.
