Bitcoin Price Prediction: Bullish Pattern Targets $80K, but Bearish Clouds Hover
Bitcoin is flashing strong bullish signals as it breaks through important resistance levels. This breakout has triggered a wave of liquidated short positions, pushing the price even higher.
Analyst Josh from Crypto World highlights that a noticeable drop in the U.S. Dollar Index (DXY) is boosting Bitcoin. Historically, when the dollar weakens, Bitcoin and the broader crypto market often rise. The recent decline in the DXY is being viewed as a positive indicator for Bitcoin, with recent price actions confirming this bullish trend.
Currently, Bitcoin’s price is moving within a large descending broadening wedge pattern. The resistance line for this pattern sits around $68,500, while the support line is near $53,000. As long as Bitcoin remains below the $68,500 mark, the trend is still technically bearish, with lower highs being formed.
However, if Bitcoin breaks through the $68,500 to $69,000 range and closes above this level on the daily chart, it would signal a strong bullish shift, possibly leading to a surge toward the $80,000 mark.
Bitcoin’s Recent Price Movements and Resistance Levels
Recently, Bitcoin has climbed above critical resistance levels, which have now become support. These levels include the $60,000 to $61,000 range and the resistance around $62,800 to $62,900. If Bitcoin can hold above $62,800, it would be a positive sign. However, if it falls back below this level, the next support would be in the $60,000 to $61,000 range.
On the upside, the next resistance level to watch is around $64,500. If Bitcoin surpasses this level, the next major challenge lies between $67,000 and $68,300, which aligns with the key descending resistance line at $68,500.
Not a financial advice, includes third party opinion.