Bitcoin is predicted to grow to a record $ 95,000

A cryptocurrency analyst has identified a new way for bitcoin to reach a new all-time high. In a post dated July 31, the expert under the pseudonym Mags emphasized that BTC $65,842.58 Bitcoin 0.09% Market capitalization $1.3 trillion VOL. 24 hours $0.6 billion is now trading within a descending expanding pattern. This technical formation often indicates a significant upcoming price movement.

The price of bitcoin is consolidating near the upper resistance line of this wedge-shaped pattern, which indicates a critical moment. The expert singled out this consolidation phase as a possible breakout that could lead to significant growth. Mags setthe next record high for bitcoin at $ 95,700. This target is derived from the height of the wedge at its widest point, projected from the breakout level.

Such a move would mean a significant rise in bitcoin from current levels, which would increase bullish sentiment among investors. «The price is consolidating near the upper resistance line, a breakout of which could lead to a large-scale upward rally. The technical target for this pattern is $ 95,700 ,» the expert said.

The analysis is consistent with the broader positive sentiment in the cryptocurrency market. Many analysts predict a bullish trend for bitcoin in the second half of 2024. In the short term, BTC is struggling with bearish sentiment, which can be explained by several factors.

For example, investors were partially spooked after the BTC exchange-traded fund (ETF) Grayscale Bitcoin Trust (GBTC) lost about 10% of its value on Tuesday. The drop was largely expected, as 10% of the bitcoins held by the fund were allocated to create the Grayscale Bitcoin Mini Trust.