Bitcoin traders are targeting the $170,000 mark — and that is far from the limit of their ambitions. While the main cryptocurrency fluctuates just above $100,000, analysts confidently draw charts with sky-high targets.
The ascending wedge promises $170,000
Trader Alan Tardigrade discovered an ascending expanding wedge on the weekly Bitcoin chart — a pattern that has been forming for several weeks and now points to the $170,000 level. Sounds fantastic? Perhaps, but the technical picture suggests just that.
1-week BTC/USD chart. Analysis: Alan Tardigrade
On the daily chart, the analyst highlighted the 'golden cross' — the moment when the 50-day moving average crosses the 200-day moving average from below. This signal has already led to increases in Bitcoin of 49%, 125%, and 68% respectively three times since 2023. If the worst and best-case scenarios are applied from current levels, the targets are $152,000 and $229,000.
"These targets are reasonable, given the recent upward trend," noted Tardigrade on social media X.
The 'head and shoulders' pattern suggests $140,000
Trader Merlijn went further and found a classic reversal figure on the three-day chart — inverted 'head and shoulders.' In his opinion, a breakout of this pattern will bring Bitcoin to $140,000 and above. The only obstacle on the way is the 'neckline' at the level of $113,000.
3-day BTC/USD chart. Analysis: Merlijn
Such forecasts are not uncommon in the current market conditions. Even those analysts who expect a short-term correction to test support ultimately see a rebound to new historical highs.
The ghost of the bear market
However, not everyone is exclusively optimistic. The author of 'The Bitcoin Standard,' Saifedean Ammous, reminded corporate buyers of the realities of owning Bitcoin during the Bitcoin 2025 conference.
"I just hope to convey to everyone in this business: Bitcoin has fallen 70% and 80% before, and it can do it again," he stated in the Coin Stories podcast.
Some market participants are already drawing parallels with the end of the last bull market at the end of 2021, noting that the area around the historical maximum continues to reject attempts at growth.
Technical indicators point to growth potential to $170,000-$270,000, but Bitcoin's history reminds us: after every surge, there follows a significant correction. The current consensus among traders leans towards a continuation of the bullish trend, but wise market participants are already preparing for the inevitable reversal.
