Analyst Anticipates Bitcoin Rally to $85,000 as Bullish Pattern Emerges

IconCryptoNewsTerminal Staff26 Jul, 2024

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Analyst Anticipates Bitcoin Rally to $85,000 as Bullish Pattern Emerges

Cryptocurrency analyst Jelle, who commands a sizable following on Twitter, recently highlighted a bullish technical pattern in Bitcoin's price action. According to Jelle, the formation of a descending wedge pattern near the previous cycle high bodes well for the leading cryptocurrency. Upon breaking through the upper resistance line of the wedge pattern, Bitcoin's first major target is projected to be $85,000. This bullish outlook aligns with Jelle's previous analysis, which predicted a continuation of the rally in 2023.