Bitcoin price prediction: analyst says short-term trend is bullish, targets $26K

Bitcoin (BTC/USD) has traded up by more than 7% this past week, with positive action seen following US CPI data for July helping bulls break to a two-month high above $24,930.

BTC price price - short term bullish trend

While the BTC/USD pair has pared some of the intraday gains and currently trade near $24,560, Marcus Sotiriou of digital asset broker GlobalBlock believes the lower inflation readings for July year-over-year at 8.5% could count for bullish sentiment across risk markets.

According to the analyst, cryptocurrencies and stocks could ride the positivity and see fresh gains. Encouragingly for bulls, the BTC/USD pair recorded a daily high near $25,000, which Sotiriou says could indicate a potential short-term bullish trend.

For Bitcoin, the analyst says fresh upward impetus could allow for a breakout above $26k.

He told Invezz in emailed comments:

Crypto analyst Rekt Capital also points to a potential upside continuation, especially if bulls hold above the retested 200-week moving average. The main resistance area the analyst is looking at is around $24,700.