Bitcoin climbed above $64,000 on August 5, and Aksel Kibar, a former fund manager turned chart analyst, sees a short-term rally brewing toward $67,000. He posted his thesis on X after spotting what looks like an inverse head-and-shoulders pattern forming, with resistance sitting around $67,200. From current levels, that's roughly a 4.7% move up.
Kibar's reading hinges on one key observation. BTC bottomed near $58,570 last month. Unlike previous capitulation events in February and June, which showed up as bearish flags before sharp drops, the current chart structure looks different. No bearish flag this time. Instead, he sees the makings of a reversal setup, which would typically suggest buyers stepping in rather than sellers taking over.
The numbers backing this moment matter. Bitcoin's market cap sits near $1.28 trillion, and 24-hour trading volume hit roughly $23 billion. The asset gained over 1% in the past day despite political uncertainty in Washington around the CLARITY Act, a bipartisan bill that would establish actual rules for the crypto industry.
That regulatory piece could be the deciding factor. If Congress reaches a deal on CLARITY before the August recess, momentum could accelerate toward Kibar's target. Delay or rejection, though, would likely cool sentiment fast and break his short-term bullish setup. The pattern holds only if buyers keep showing up at higher prices.
This material is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.
