Bitcoin Traders Predict 152% to 229% Gains by October

Bitcoin traders are increasingly optimistic about the cryptocurrency's price trajectory, with many predicting new all-time highs, including a target of $270,000 by October. The consensus among traders is that the current bull run is far from over, and Bitcoin is poised for significant price appreciation.

Popular trader Alan Tardigrade recently analyzed Bitcoin's price pattern, identifying an Ascending Broadening Wedge formation that suggests the cryptocurrency could reach $170,000. This pattern has been observed on weekly timeframes since the start of the bull market in early 2023. Additionally, a "golden cross" on the daily chart, where the 50-day simple moving average crosses over the 200-day equivalent, has historically boosted Bitcoin's price by significant margins. Tardigrade's analysis indicates that if Bitcoin experiences its worst and best gains from this point, it could reach $152,000 and $229,000, respectively.

Other traders share similar sentiments. For instance, trader BigMike7335 suggested that a possible wave 2 down to $92,000 could build momentum for Bitcoin to reach around $270,000 by October. Merlijn, another prominent trader, identified an inverse head-and-shoulders pattern, predicting a breakout target of $140,000 or more, with the neckline at $113,000 being the key resistance level.

Despite the bullish outlook, there are concerns about the sustainability of the current bull run. Some analysts draw parallels to the end of the last bull market in late 2021, noting that the area around all-time highs has seen price rejections. Saifedean Ammous, author of "The Bitcoin Standard," cautioned corporate buyers about the potential for significant price drops, reminding them that Bitcoin has experienced declines of 70% and 80% in the past and could do so again.

Overall, while the bullish sentiment among Bitcoin traders is strong, with predictions of new all-time highs and significant price appreciation, there are also valid concerns about the potential for a bear market. Traders and investors are advised to conduct their own research and consider the risks involved in any investment or trading decisions.