Bitcoin Price Prediction: BTC Could Rise to $85K Target If This Happens

Bitcoin (BTC) has gone up by more than 5% in the past 24 hours as the war in the Middle East seems to be pushing investors to the crypto market.

Trading volumes jumped slightly above $60 billion, accounting for more than 4% of the asset’s circulating market cap.

Meanwhile, top altcoins like Ethereum (ETH) and Solana (SOL) are experiencing similar upticks of 4% and 5%, respectively, as sentiment has slightly improved.

We completely nailed our previous Bitcoin price prediction, as the token rose to $71,000 following a series of buy signals.

BTC/USDT Hourly Chart – Source: TradingView

BTC has been trading in a tight range between $62,500 and $71,000 for 30 days now. As a result, a consolidation pattern has formed, indicating that investors are either accumulating the token at this level or waiting for further catalysts to make their next move.

Short liquidations have been rising in the past five days, exceeding $450 million during that period as bears have been progressively squeezed by these recent upticks.

The market was heavily one-sided heading into this relief rally, which creates an opportunity for market makers to push sellers out through even slight increases in the price of the top crypto.

Next Target Would Be $85,000 If Bitcoin Breaks Its Current Ceiling

The daily chart shows that BTC is currently hitting a key horizontal resistance at $71K. A bullish breakout at this point could prompt a rapid recovery to at least $85,000, meaning an 18% upside potential.

BTC/USDT Daily Chart – Source: TradingView

This move would be triggered by short covering primarily, as this is a key supply area that has acted as a ceiling for weeks, meaning that a significant volume of stop orders is likely sitting above this mark.

The Relative Strength Index (RSI) has been on an uptrend for days, indicating that positive momentum is accelerating. At 52, we are about to enter bullish territory. If the oscillator rises above 60, this would confirm a positive outlook for Bitcoin.

Attractive Trading Ahead After a Confirmed Breakout

Looking at the 4-hour chart, BTC just hit a key resistance at the 200-period exponential moving average (EMA). This is a major milestone that confirms our long-standing view that this relief rally was aiming for a reversion to the mean.

BTC/USDT 4H Chart – Source: TradingView

Now that we are hitting this mark, the selling pressure could accelerate as this is a widely followed technical marker. Early buyers who scooped up BTC at $62,000 could cash out their 15% gains as market sentiment remains heavily depressed.

So, for this rally to keep going, we need a clean breakout above $71,000, confirmed by above-average trading volumes. This could mark the beginning of a recovery to $84K as outlined previously, setting the stage for a highly attractive trading opportunity.

We would be aiming for a 5x risk-reward trade with a post-breakout entry at around $71,000 after a likely retest, with a take-profit target set at around $84,000.

BTC/USDT Hourly Chart – Source: TradingView

Same as in previous occasions, we would rely on the 1-hour time frame for final confirmation that BTC is moving higher.

If we get a buy signal around the $70,000 – $73,000, that would give us the green light for a long position. You can see how this strategy played out nicely twice, back when BTC bounced off the $62,000 support.

We’ll update this prediction if that signal pops up.