According to trader Josh Olszewicz, just "a small nudge" is all that stands between Bitcoin and "full breakout territory."
A look at the 6-hour BTC/USD chart reveals two distinct bullish setups working in tandem: inverse head and shoulders (iHS) and the falling wedge.
The chart clearly defines a classic trend-reversal pattern, with the left shoulder forming in June, the head bottoming out in early July near $57,800, and the right shoulder solidifying mid-month.
Moreover, Bitcoin has broken out above the descending resistance line of a multi-week falling wedge.
The main technical target sits in a golden zone between the 1.618 Fibonacci level ($72,669) and the 2.0 Fibonacci level ($76,698).
Bitcoin is currently showing stronger relative momentum than gold. A key battleground remains the $65,000 zone, which has consistently attracted sellers on recent tests. However, the bearish response at this level is weakening. Stanley notes that this price action is setting the stage for an ascending triangle, which is a classic bullish formation.
A rally to $100,000?
While technical setups point to an imminent short-term breakout, Galaxy Digital CEO Mike Novogratz is looking at the macro variables required to push Bitcoin into six-figure territory.
The billionaire investor recently stated that he expects Bitcoin to largely consolidate between $60,000 and $80,000 for the remainder of the year. However, a move toward $100,000 is entirely possible if a "perfect storm" of regulatory clarity, macroeconomic tailwinds, and renewed demand.
Strategy holds Bitcoin steady
In the meantime, Michael Saylor’s Strategy maintained a neutral stance in the market last week.
The enterprise software giant neither bought nor sold any Bitcoin over the latest seven-day period. Instead, the firm focused on fortifying its balance sheet, increasing its fiat capital by $225 million.
Strategy boasts an immense corporate treasury consisting of a 3.2 billion USD reserve alongside its massive haul of 843,775 BTC.
Dan Burgin
U.Today Editorial Team
