   
Bitcoin (BTC) started the week rather quietly, trading in a tight range of around $64,000 early Monday. This stability followed a strong weekly close on Sunday, after a strong recovery from a low of $49,345 on August 5. During this recovery, the global crypto market cap also grew by about 29%, reaching $2.25 trillion. Notably, after a brief consolidation period of just over two weeks, Bitcoin broke the closely watched resistance at $62,000 last Friday, setting the stage for a higher move.
Bitcoin’s recent price movements have been influenced by key factors. Initial concerns about potential BTC sales by Mt. Gox trustees and the German and US governments have now largely subsided. However, the upcoming US presidential election, often referred to as the “Bitcoin election” in the crypto community, has introduced a new level of uncertainty, prompting investors to take a more cautious and risk-averse approach.
Despite these challenges, however, Bitcoin has demonstrated impressive resilience, and technical analysts are increasingly optimistic about its future trajectory. Analyst “Captain Faibik”, along with others have noted that Bitcoin is currently trading inside an expanding triangle pattern. This formation indicates increasing volatility, with the upper boundary of the pattern at around the $70,000 mark. According to this analysis, Bitcoin is expected to reach this upper resistance level soon, potentially paving the way for a significant breakout if the current momentum continues.
“This week, Bitcoin could retest the key $70,000 resistance. Will Bitcoin bulls be able to break the $70,000 resistance this time?” he asked.
This optimistic forecast is shared by analysts “Trader Tardigrade”, who pointed out that Bitcoin has now entered Phase D of the Wyckoff accumulation pattern, a key phase in which the cryptocurrency typically consolidates its support level before initiating a significant upward move.
 “Soon, $BTC will give us the last support point (LPS) and the sign of strength (SOS). Once it exits the accumulation phase, $BTC could reach above $100,000 in the mark-up phase.” He wrote.
However, not all analysts are optimistic about BTC in the short term. Alan Santana warned that Bitcoin’s correction may not be over yet, suggesting the price could drop to $40,000.
“Why would Bitcoin go down? The market moves in cycles and strives for equilibrium. A sustained 16-month uptrend is followed by a sharp correction. That’s just how it works.” He noted:
He also predicted that Bitcoin will experience its most difficult period from August to September 2024, with a possible recovery starting in October. Santana believes that this recovery could push Bitcoin to a new all-time high of $190,000 by early 2025.
At the time of writing, the Bitcoin price was at $63,481, down 1.10% in the last 24 hours.
