Bitcoin Will Reach $175,000 If Prices Break Above This Rising Channel, Trader Claims

Dalmas Ngetich

1 year ago

2 mins read

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Bitcoin’s six-year range inside a rising channel has drawn the attention of a curious but optimistic analyst. Previewing the price chart shows that the coin has been in range over the years, capturing all of its volatility. Despite occasional dumps and pumps, the structure is yet to be broken.

By the time the screenshot was shared on July 21, Bitcoin was trading in the lower part of the rising channel, skirting the support trend line, an indicator that prices have been generally lower in recent months. The rejection of lower lows and bounce from the support trend line, the analyst says, is bullish and squarely puts back bulls in contention.

Bitcoin To $175,000?

According to the trader’s assessment, a breakout above the upper resistance level at around $32,000 could potentially trigger a new bull run that may see the world’s most valuable cryptocurrency retest highs of the rising channel at $175,000, a level that upbeat HODLers can mark as a feasible target.

Still, considering the volatility in crypto, this bullish forecast cannot be dismissed. To illustrate, the last bull run drove Bitcoin prices from sub-$10,000 to peaks of $69,000 in less than two years. Therefore, if Bitcoin bulls push above $32,000, a price level that the analyst claim is important, it could be a bullish signal that may be the beginning of another leg up in the resumption of the bullish formation set in motion between 2020 and 2021.

Bitcoin is trading below the $30,000 level at spot rates with resistance at $31,800. Despite the general optimism across the board, bulls are yet to breach July 2023 highs as prices consolidate.

Bitcoin price on July 22| Source: BTCUSDT on Binance, TradingView — Bitcoin price on July 22 | Source: BTCUSDT on Binance, TradingView

Halving And ETF Approval As Tailwinds?

Specific triggers for the next run are unknown for now. Even so, considering past cycles, the upcoming Bitcoin halving event may provide the impetus for a leg up toward 2021 highs at $69,000. Besides, traders are closely monitoring how the spot Bitcoin exchange-traded fund (ETF) applications in the United States progresses.

The US Securities and Exchange Commission (SEC) has rejected several spot Bitcoin ETF applications in the past. However, the involvement of BlackRock has been received positively, lifting prices in the past few weeks. BlackRock is the world’s largest asset manager, managing trillions.

The approval of a Bitcoin ETF would ease institutional investors’ involvement in the sphere, potentially driving demand and lifting prices. Most importantly, a Bitcoin ETF legitimizes Bitcoin as an investment asset. Bitcoin is the most dominant crypto asset, and complex derivatives instruments, including exchange-traded products (ETPs), have been approved and listed in various markets across Canada, Europe, and Brazil.

Feature image from Canva, chart from TradingView

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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