Analyst sets Bitcoin’s path to $95,000

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Bitcoin (BTC) is facing an uphill battle to maintain its price above the $66,000 support area, but an analyst has identified a new path to an all-time high.
Particularly, in an X post on July 31, the analyst with the pseudonym Mags highlighted that Bitcoin is currently trading within a descending broadening wedge pattern, a technical formation often indicative of a significant upcoming price movement.
Bitcoin’s price has been consolidating near the upper resistance line of this wedge pattern, suggesting a critical juncture. The expert highlighted this consolidation phase as a possible breakout leading to a substantial upside rally.
Notably, Bitcoin’s chart depicts a descending broadening wedge, with the price action bouncing between converging trendlines since earlier this year. The pattern typically suggests that while the asset’s price is experiencing wider swings over time, it is gearing up for a decisive breakout.
Bitcoin price analysis chart. Source: Mags
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