Analysis: Traders remain optimistic that Bitcoin is likely to reach $140,000 soon

ChainCatcher news, according to Cointelegraph, even during market consolidation, Bitcoin traders are not feeling pessimistic about the price trend of Bitcoin. Currently, the community consensus is not bearish, and many believe that the bull market is far from over, with many thinking that Bitcoin is preparing for a new round of price discovery.

Trader Alan Tardigrade stated that Bitcoin is showing an ascending expanding wedge upward trend, and since 2023, whenever this signal has appeared, Bitcoin has risen by 49%, 125%, and 68% respectively.

Another trader, Merlijn, pointed out that Bitcoin's current trend is showing a classic price bottom structure in an inverted head and shoulders pattern, with a recent target price potentially reaching $140,000.