An analysis said bitcoin is nearing a short-term upside breakout zone.

On July 20 (local time), blockchain outlet U.Today reported that trader Josh Olszewicz said bitcoin could enter a full breakout zone with "just one small push."

He cited two bullish patterns that can be confirmed at the same time on a six-hour chart. He pointed to an inverse head-and-shoulders pattern and a falling wedge on the bitcoin-dollar chart. The left shoulder formed in June, and the head bottomed near $57,800 in early July. He explained that the right shoulder took shape in mid-July.

Bitcoin has also already moved above the declining resistance line of a falling wedge that lasted for weeks. Olszewicz presented a key technical target zone on the chart between $72,669 at the Fibonacci 1.618 level and $76,698 at the 2.0 level. The market is watching closely because signals are overlapping that point to a trend reversal rather than a simple rebound.

In the short-term price move, the key resistance line was set at $65,000. Market participants have recently confirmed multiple times that sell orders emerge in this range. An assessment also said selling reactions are weakening as relative momentum is stronger than gold and a pattern of higher lows since July remains intact.

Analyst Stanley said bitcoin still looks slightly more positive than gold. He noted that $65,000 is the zone where selling pressure appears, but the response has been weakening with each test. He added that the current move, with higher lows holding, could lead to an ascending triangle, which he viewed as a bullish signal.

Still, the market's attention is also turning beyond a short-term breakout to the possibility of $100,000 within the year. Galaxy Digital CEO Mike Novogratz said he expects bitcoin to largely move sideways between $60,000 and $80,000 for the rest of the year. Even so, he said it could approach $100,000 if a "perfect storm" emerges in which regulatory clarity, favorable macroeconomic conditions and a recovery in demand coincide.

Attention is also on institutional fund management flows. Michael Saylor's Strategy has not bought or sold additional bitcoin over the past seven days. Instead, the company increased its fiat capital by $225 million as it focused on strengthening its balance sheet.

Strategy holds $3.2 billion in reserves and 843,775 BTC. As a result, the immediate watershed is whether it can break above the $65,000 resistance. Over the medium to long term, regulation, the macro environment and institutional demand are expected to remain variables that will determine the feasibility of a $100,000 scenario.