$BTC

Why does a cryptocurrency expert believe that the price of Bitcoin could reach $240,000 by October despite its recent collapse to $104,000?

The cryptocurrency market concludes the week with a collective loss for most leading assets, following the heavy sell-off that the market experienced earlier in the week. The most prominent cryptocurrency, Bitcoin, was not spared from any losses.

It is worth noting that the price of Bitcoin briefly fell below the $104,000 level before witnessing a short correction, indicating an increase in selling pressure.

However, one market participant remained optimistic for several reasons. In a conversation with X, the trader and cryptocurrency analyst, who uses the pseudonym TradingShot, highlights several bullish scenarios that could affect the upward market in the near term.

The analyst initially revealed that the current bullish cycle is likely to continue until the last quarter of the year, and at this stage, the price of Bitcoin could still rise to its all-time high.

The analyst noted that Bitcoin has remained in a state of consolidation since it reached its all-time high of $111,970 on May 22, 2025, adding that this trend has raised concerns among market players eager to know when the bullish market cycle will arrive.