Can Bitcoin reach 270,000 dollars in October?

Bitcoin is currently trading at 105,037 USD, and traders are optimistic that the price will continue to break previous records, with the potential to reach 270,000 USD in this bullish cycle.

BTC price chart 1 hour | Source: TradingViewThe latest forecasts from industry experts all agree that the BTC/USD price will far exceed the current peak, opening up strong growth opportunities in the future.

Aiming for New Heights

Although Bitcoin is consolidating around the 100,000 USD mark after strong macroeconomic and geopolitical fluctuations, the optimism in the trading community remains very strong. Many experts assert that the current bullish market phase is not over yet, and Bitcoin is preparing for a breakout, moving closer to unprecedented price levels.

Famous trader Alan Tardigrade commented:

"Bitcoin is forming an expanding ascending wedge pattern, and it is forecasted to reach 170,000 USD in the near future."

This pattern has formed over the past several weeks and shows a sustainable bullish trend since the market began to recover at the beginning of 2023.

An interesting indicator that Tardigrade points out is the "golden cross" – which occurs when the 50-day moving average crosses above the 200-day moving average. According to Tardigrade, each time the golden cross appears, Bitcoin has recorded strong growth: 49%, 125%, and 68% since the beginning of 2023. If this trend continues, the price of BTC could reach between 152,000 USD and 229,000 USD in the coming months.

Another perspective from trader Merlijn points out that Bitcoin is forming an inverse head and shoulders pattern, a positive reversal pattern.

"The next breakout level could be above 140,000 USD, with a price of 113,000 USD being an important support level that needs to be maintained," Merlijn shared.

3-day chart of BTC/USD | Source: Merlijn The Trader/ XAdditionally, user X named BigMike7335 believes that "BTC, with the potential to correct in wave 2 down to 92,000 USD, will create a strong bullish momentum, paving the way for a price level up to 270,000 USD around October."

However, not everyone is entirely optimistic. Some analysts are concerned about the sustainability of the current bullish trend. Comparisons to the market peak at the end of 2021 are becoming increasingly common, as prices nearing all-time highs are still easily rejected.

In preparation for future fluctuations, Saifedean Ammous, the author of the book The Bitcoin Standard, issued a warning in a recent interview:

"Bitcoin has previously witnessed sharp declines of up to -70% or -80%, and this could very well happen again."

Ammous emphasized that investors need to prepare mentally for significant corrections in the future.

The Bitcoin market is currently undergoing a volatile phase with many positive forecasts from traders. However, we cannot overlook the potential risk factors during the price adjustment process. Investors need to closely monitor the situation and be prepared for the worst-case scenarios when the market may experience significant fluctuations.

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