Bitcoin eyes breakout as bullish patterns align, targets $76,698

Bullish patterns and key resistance

On the 6-hour BTC/USD chart, analysts observed two major bullish formations: an inverse head and shoulders (iHS) and a falling wedge. The left shoulder of the iHS took shape in June, followed by a head near $57,800 at the start of July, and a right shoulder solidifying by mid-July.

Bitcoin has also managed to break out above the descending resistance of a mult-week falling wedge pattern, traditionally regarded as a technical signal for a potential upward price move.

The current technical target zone sits between the 1.618 Fibonacci level at $72,669 and the 2.0 Fibonacci level at $76,698, according to momentum strategies.

Compared to gold, Bitcoin is currently demonstrating stronger relative momentum. The $65,000 price level is seen as a decisive battleground, frequently attracting selling pressure during tests. However, several analysts note that resistance at this level has weakened, increasing the chance of a bullish breakout.

Stanley, a market strategist, noted that the chart’s recent price action is giving rise to an ascending triangle formation—another widely recognized bullish indicator in technical analysis.

Mini dictionary: Inverse head and shoulders (iHS) is a reversal chart pattern indicating a potential change from a downtrend to an uptrend. A falling wedge is a technical pattern that often signals a bullish price reversal after a period of declining price action.

Macro perspective and institutional positioning

Beyond immediate technicals, Galaxy Digital CEO Mike Novogratz pointed to broader macroeconomic and regulatory factors as key drivers for a move toward six-figure Bitcoin prices. Galaxy Digital is a financial services and investment management firm focused on digital assets and blockchain technology.

Novogratz stated that he expects $BTC to consolidate between $60,000 and $80,000 through the end of the year. However, he indicated that if favorable regulatory developments, supportive macroeconomic trends, and increased demand align, a surge to $100,000 remains a possibility.

Institutional investors are watching for “regulatory clarity, macroeconomic tailwinds, and renewed demand” as potential catalysts to push Bitcoin above the $100,000 mark, Novogratz explained in his outlook.

Meanwhile, Michael Saylor’s Strategy, a company known for holding one of the largest Bitcoin treasuries, maintained a neutral trading stance over the past week. The software company refrained from any Bitcoin transactions, focusing instead on increasing its cash reserves by $225 million.

Strategy currently holds a corporate treasury totaling $3.2 billion and 843,775 BTC, solidifying its position as a major institutional Bitcoin holder.

While technical setups look promising for a breakout, leading institutional players continue to monitor the market without making further acquisitions, reinforcing stability for now.