Bitcoin Approaching 'Full Breakout Territory,' Analyst Says

Bitcoin is teetering on the edge of a definitive technical breakout toward the $70,000+ mark.

Alex Dovbnya · 20 Jul 2026 · 4 min read

Wire content from U.Today

Bitcoin Approaching ‘Full Breakout Territory,’ Analyst Says

News

By
Alex Dovbnya

Mon, 20/07/2026 – 19:27

Bitcoin is teetering on the edge of a definitive technical breakout toward the $70,000+ mark.

Bitcoin Approaching 'Full Breakout Territory,' Analyst Says

Cover image via U.Today

A rally to $100,000?
Strategy holds Bitcoin steady

According to trader Josh Olszewicz, just “a small nudge” is all that stands between Bitcoin and “full breakout territory.”

A look at the 6-hour BTC/USD chart reveals two distinct bullish setups working in tandem: inverse head and shoulders (iHS) and the falling wedge.

The chart clearly defines a classic trend-reversal pattern, with the left shoulder forming in June, the head bottoming out in early July near $57,800, and the right shoulder solidifying mid-month.

HOT Stories

Shiba Inu (SHIB), Solana (SOL), Hyperliquid (HYPE) and XRP Price Analysis for July 20: Fresh Week Without Fresh Liquidity

Ethereum Developer Consensys Denies User Data Was Compromised

Moreover, Bitcoin has broken out above the descending resistance line of a multi-week falling wedge.

The main technical target sits in a golden zone between the 1.618 Fibonacci level ($72,669) and the 2.0 Fibonacci level ($76,698).

Bitcoin is currently showing stronger relative momentum than gold. A key battleground remains the $65,000 zone, which has consistently attracted sellers on recent tests. However, the bearish response at this level is weakening. Stanley notes that this price action is setting the stage for an ascending triangle, which is a classic bullish formation.

$BTC still looking a touch more positive than Gold

65k still the spot

it’s gotten sellers so far on each test but the response there has weakened with higher-lows holding so far in July

this is what leads to ascending triangles and those are bullish formations https://t.co/K8Sq5VHhAM pic.twitter.com/BFwBpfclZd

— James Stanley (@JStanleyFX) July 20, 2026

A rally to $100,000?

While technical setups point to an imminent short-term breakout, Galaxy Digital CEO Mike Novogratz is looking at the macro variables required to push Bitcoin into six-figure territory.

Strategy holds Bitcoin steady

In the meantime, Michael Saylor’s Strategy maintained a neutral stance in the market last week.

The enterprise software giant neither bought nor sold any Bitcoin over the latest seven-day period. Instead, the firm focused on fortifying its balance sheet, increasing its fiat capital by $225 million.

Strategy boasts an immense corporate treasury consisting of a 3.2 billion USD reserve alongside its massive haul of 843,775 BTC.

#Bitcoin Price Prediction