As Bitcoin (BTC) price rebounded above $64,000 on August 5, Aksel Kibar, a former fund manager, expects a possible rally to above $67,000 in the short term.
Kibar argued that Bitcoin price could be eyeing a retest of the resistance level around $67,200 in the near term, according to his August 4 X post, which Finbold analyzed on Wednesday. With Bitcoin price trading at $64,170 at the time of publication, he signals a plausible 4.72% upside in the near future.
This analyst highlighted that BTC price has possibly bottomed out after hitting a low of approximately $58,570 reached earlier last month. The classical chart trader based his short-term bullish thesis on an early formation of a potential reversal pattern.
Moreover, Kibar pointed out that Bitcoin price could be forming an inverse head-and-shoulders (H&S) pattern. With an established neckline around $67,200, the analyst expects a rally possibly in August.
Additionally, the expert showed that BTC price has not formed a bearish flag like the one that triggered the February and June capitulations.
Bitcoin price outlook
Bitcoin price gained over 1% during the past 24 hours, despite the impasse in the United States Senate on the CLARITY Act – a bill that would create clear rules for the cryptocurrency industry.
As such, BTC had a reported market capitalization of nearly $1.28 trillion and a 24-hour trading volume of approximately $23.06 billion, according to data from CoinMarketCap.
If a bipartisan deal is reached to support the CLARITY Act before the August recess, this crypto asset could gain more bullish momentum towards the set near-term target. However, further delay of this bill may fuel bearish sentiment, thereby invalidating Kibar’s short-term outlook.