Kibar Sees $67,200 as Potential Rally Target for Bitcoin

A former fund manager, Aksel Kibar, believes Bitcoin's price is primed for a short-term rally to above $67,000. According to his analysis, the current price of around $64,170 presents a possible 4.72% upside in the near future. This bullish thesis is based on an early formation of a potential reversal pattern and an inverse head-and-shoulders (H&S) chart formation.

The analyst highlighted that Bitcoin's price has possibly bottomed out after hitting a low of approximately $58,570 earlier last month. The absence of a bearish flag, which triggered previous capitulations in February and June, also supports Kibar's short-term outlook. However, the bill to create clear rules for the cryptocurrency industry, the CLARITY Act, is still pending in the United States Senate.

If a bipartisan deal is reached before the August recess, Bitcoin's price could gain more bullish momentum towards its near-term target of $67,200. However, further delay or rejection of the bill may fuel bearish sentiment and invalidate Kibar's short-term outlook.