Analysts predict bitcoin’s growth to $ 85,000 in the near future

The flagship cryptocurrency has recently reached a new all-time high and has been trying to do so again ever since. According to analysts, the next level of growth for BTC is at $ 85,000.

The price of bitcoin demonstrates bullish sentiment arising from the constant accumulation created by investors. In the past week alone, the total supply on all exchanges has dropped from 812,000 BTC to 799,000 BTC. This means that almost 13,000 BTC worth more than $ 926 million moved from exchanges to investors' wallets. This is a sign that BTC holders expect further price growth.

On the 3-day chart, bitcoin confirms the Wickoff pattern, a technical analysis concept that identifies trends and potential reversals in financial markets. It analyzes price and volume movements to recognize accumulation, distribution, or margin phases.

Currently, the price of bitcoin is coming out of a resistance pattern, which indicates that bitcoin will continue to rise in the coming trading sessions. Although the long-term target is quite difficult to determine given the unprecedented, unaccountable factors, it looks like the short-term target for the bitcoin price will be $ 85,000. This is based on the symmetrical triangle trading pattern that BTC is observing at the time of writing.