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Recent technical indicators suggest that if Bitcoin (BTC) maintains its current rally, the maiden crypto will be in line to clinch a record high above $80,000.
Notably, insights shared in an X post on July 26 by Stockmoney Lizards detailed a roadmap for Bitcoin’s price movement, predicting a rapid ascent once specific market conditions are met.
According to the analyst, Bitcoin has successfully retested the neckline at $63,500 as of late July, affirming a bullish short-term direction. The analyst pointed out that this successful retest confirms a solid support level, setting the stage for upward momentum.
The expert emphasized that breaking the $72,000 resistance will be pivotal. This level is a crucial threshold beyond which Bitcoin’s price action is expected to accelerate significantly.
Stockmoney Lizards outlined a two-step scenario once Bitcoin approaches and surpasses the $72,000 mark. Initially, a fakeout is anticipated. This phase will likely see a sudden drop, liquidating a significant number of short and late-long positions. This shakeout is expected to cleanse the market of weaker hands, setting the stage for a more robust price movement.
Following the fakeout, a quick and high-volume leg-up is projected. This surge will propel Bitcoin past the $80,000 mark, driven by renewed investor confidence and market momentum.
The timeline for this price action is set for late August to early September. Stockmoney Lizards suggested that this period will mark the end of the summer lull, initiating a powerful rally in Bitcoin’s price.
“Once 72k is broken, it will go fast: We expect. <…> Aquick and high-volume leg up surpassing 80k. <…> Timeline: Late August / Early September, initiating the end of the summer break,” the analyst noted.
Bitcoin targets $70,000
Bitcoin is seeking to reclaim the $70,000 level after experiencing bearishness earlier in the week. Indeed, the current momentum coincided with anticipation of former United States President Donald Trump‘s speech at the Bitcoin Conference.
Although the speech is likely to have a positive influence, crypto analyst Ali Maryiznes has pointed out that based on social media activity, it might turn out to be a sell-the-news event.
“I think Donald Trump speech at The Bitcoin Conf might be a sell-the-news event. Anticipation is high, and market sentiment is extremely positive,” he said.
Bitcoin price analysis
At the time of reporting, Bitcoin was valued at $68,310, with daily gains of almost 2%. The bullish momentum has been sustained across the week with gains of 2.6%.
In summary, the bulls’ work is to keep the momentum to breach the $70,000 resistance, which remains crucial to clinching a new all-time high.
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