According to Trader Tardigrade, Bitcoin ($BTC) has formed a giant rising wedge pattern, which historically indicates a potential upward surge before a significant price correction. The analysis suggests Bitcoin could target the $200,000 level based on current chart formations, but traders should remain cautious of a possible crash following this peak. This technical setup is critical for crypto market participants to monitor, as it may trigger high volatility and affect altcoin performance as well (Source: Trader Tardigrade on Twitter, May 16, 2025).