Bitcoin Poised for Breakout as Traders Target $85,000 Amid Bullish Wedge Formation and Trump Speculation

Bitcoin’s price is showing signs of forming a bullish wedge pattern, remaining close to its 2021 all-time highs. Traders are eyeing a potential price target of $85,000. “Bitcoin has formed a massive descending broadening wedge, right around the previous cycle highs,” noted pseudonymous crypto trader Jelle in a July 26 post on X. This pattern, characterized by a series of lower highs and lower lows that broaden over time, typically signals a potential upward trend reversal. “Price looks eager for a breakout — and once it does, I expect the move to be sharp. First target, $85,000,” Jelle added. This