Analysis: Traders Still Bet on Bitcoin Breaking Through $140,000 in This Bull Market

BlockBeats reported on June 15, citing Cointelegraph, that despite Bitcoin currently consolidating above the $100,000 mark and facing a series of unexpected macroeconomic and geopolitical shifts, traders' consensus remains far from bearish. The bull market is far from over, with many believing that Bitcoin is gearing up for a new phase of price discovery.

Renowned trader Alan Tardigrade summarized in his latest analysis on June 15: "Bitcoin is moving along an 'ascending broadening wedge' trend." He noted that this pattern has been forming for weeks and predicts Bitcoin prices could reach the $170,000 level. Such views are not uncommon in the current market. Even those waiting for an initial Bitcoin downturn to test support levels ultimately anticipate a rebound, pushing Bitcoin to new highs.

Trader Merlijn stated that the classic bottom price structure is manifesting as an inverted head-and-shoulders pattern and is still playing out. "Breakout target? Above $140,000." "The neckline at $113,000 is the only hurdle," he added.