Bitcoin is currently consolidating around $105,000, but sentiment among traders remains firmly bullish. Despite recent geopolitical and macroeconomic disruptions, many analysts believe the bull market is far from over. Rather than signaling a top, the current pause is seen by many as the prelude to further upside. Well-known trader Alan Tardigrade is one of several voices pointing to an optimistic future. “Bitcoin is trending upward in an Ascending Broadening Wedge,” he said in his latest market analysis on June 15. He believes this bullish chart pattern could lead the price to $170,000 in the near future. Technical Indicators Support Bullish Forecasts Tardigrade also noted that a golden cross — when the 50-day moving average crosses above the 200-day moving average — has reappeared on the daily chart. According to him, this pattern has historically boosted BTC by 49%, 125%, and 68% since early 2023. “If $BTC experiences its worst and best gains from this point, it could reach $152k and $229k. These targets are reasonable given the recent uptrend,” he explained. His analysis of weekly and daily timeframes suggests that Bitcoin’s bullish structure is still intact, even amid temporary slowdowns. Other Traders Echo Bullish Sentiment Other prominent figures in the trading community are voicing similar expectations. A trader known as BigMike7335 suggested on June 14 that a potential pullback to $92,000 could set the stage for a breakout to $270,000 by October. This would reflect a typical second-wave corrective move within Elliott Wave theory, followed by a strong continuation of the trend. Merlijn, another active trader, pointed to an inverse head-and-shoulders pattern on the three-day chart. He believes a breakout from this formation could push BTC to $140,000 or more. “Neckline at $113K is the only thing standing in the way,” he told his followers. Warning Signs Still Present for Some While bullish sentiment dominates the trading discourse, some are issuing reminders of the market’s inherent risks. “The Bitcoin Standard” author Saifedean Ammous spoke candidly at the Bitcoin 2025 conference, warning that the asset’s history of sharp downturns cannot be ignored. “I just hope my message out there to everybody in this business is, Bitcoin has done -70% and -80% before, and it can do it again,” he said during an appearance on the Coin Stories podcast. Such comments serve as a cautionary note amid widespread optimism, particularly for new corporate buyers or institutions entering the market at current levels. With Bitcoin hovering near previous all-time highs, comparisons to the 2021 cycle peak have begun to circulate, prompting some to consider downside risks more seriously. Conclusion Despite concerns from a few corners of the market, the broader narrative among analysts and traders remains centered around significant further upside. Technical patterns, historical comparisons, and sentiment indicators continue to paint a picture of strength as Bitcoin prepares for another phase of price discovery.
