TechFlow news, June 15 — According to Cointelegraph, although Bitcoin's price is currently consolidating above $100,000, traders remain optimistic about its future price movement, forecasting this bull market will reach new highs.
Analyst Alan Tardigrade stated that Bitcoin is moving upward within an "ascending broadening wedge" pattern and is expected to reach the $170,000 level. He also pointed out that the "golden cross" signal on the daily chart—where the 50-day simple moving average crosses above the 200-day moving average—has triggered Bitcoin rallies of 49%, 125%, and 68% each time since 2023. Based on this, Bitcoin could reach between $152,000 and $229,000.
Another trader, Merlijn, identified a classic reversal pattern—the "inverse head and shoulders"—with a breakout target above $140,000, and currently only the neckline resistance at $113,000 stands in the way of further upside.
However, some voices have expressed skepticism about the real underpinnings of the bull market. Saifedean Ammous, author of "The Bitcoin Standard," warned corporate buyers that Bitcoin has previously experienced declines of 70% and 80%, and such drops could still happen again in the future.
