Bitcoin’s Journey to $85,000 in Play After Breaking the 21-Week EMA

As Bitcoin (BTC) continues to take center stage in the crypto space, the leading cryptocurrency recently breached the $65,000 level, a scenario earlier in August this year.

This renewed momentum is bullish since BTC might be on its way to setting a new all-time high (ATH) at the $85,000 zone based on a bullish divergence, as acknowledged by a leading market analyst under the pseudonym Mikybull Crypto.

Source: Mikybull Crypto

A bullish divergence occurs whenever bears throw in the towel, setting the stage for bulls to call the shots because the price has fallen to a new low, but this is not the case with the oscillator.

Given that Bitcoin continues to be the talk of the crypto town thanks to the uptrend, the apex coin recently surged past the 21-week exponential moving average (EMA), which was located at the $60,500 zone.

Has Bitcoin Entered the Parabolic Phase?

Market analyst Elja believes that Bitcoin has already set foot into a parabolic era, which will be instrumental in enabling BTC to go north of $115,000.

Source: Elja

Crypto trader Rekt Capital shared similar sentiments, stating that BTC was edging closer to entering the transitional phase.

He stated, “Bitcoin is on the cusp of exiting the ReAccumulation Phase (red) to transition into the next phase in the Bitcoin market cycle… the Parabolic Upside Phase (green).”

Source: Rekt Capital

Based on these analyses, it seems it’s not a matter of if but when Bitcoin will witness its next leg up.

According to Santiment data, heightened shark and whale accumulation has been pivotal in triggering Bitcoin’s stable price. In the past six months, BTC worth a whopping $4.08 billion has been purchased.

Source: Santiment

With spot Bitcoin ETFs witnessing a notable recovery thanks to $500 million in liquidity, a bullish picture continues to be painted for the maiden cryptocurrency.