Bitcoin (BTC) has entered in a strong uptrend as it moves above the 50-day, 100-day and 200-day moving averages triggering massive short liquidations. The cryptocurrency shot past the $100,000 mark for the first time in four months, thanks to a wave of powerful bullish sentiment crossing the markets. This surge resulted in $800 million of short liquidations. It’s the biggest figure since 2021 and underscores just how extreme the current bull market is.
The price of Bitcoin rose 4.3% last Tuesday, May 9th, helping to confirm still bullish momentum. Analysts are already looking at possible new targets, with one forecasting significant returns in coming months. Its price is tracked by investors and traders, as the cryptocurrency sails through choppy market waters.
Technical Indicators and Price Targets
Bitcoin’s current upward price action is justified by a number of technical indicators. Further continuing the bullish momentum, it is trading above 5MA, 10MA and 20MA. The 14-day Relative Strength Index (RSI) soared past 70. This indicates “overbought conditions,” which often lead to a period of consolidation or correction.
Trending crypto analyst AlphaBTC is predicting a bullish move for Bitcoin towards $106,000.
"I am liking how these Fibonacci retracement levels line up with support, makes me think $BTC has another leg to 106K+ before it corrects." - AlphaBTC
Along with a steeply rising parallel channel the above gives a near term target of the all time high daily close just over 106,000.
Bull Flag Breakout and Potential Gains
Weekly bull flag formation points to $182,200 target Bitcoin price. The bull flag breakout was confirmed when Bitcoin’s price surged above the upper trendline at $88,000 on April 22. This trend suggests a perfect storm for Bitcoin to fly. It can still bump up perhaps as much as 75% from here, equal to the height of its recent uptrend.
Other analysts haven’t lost hope, warning key resistance levels tell the whole story. Egrag Crypto highlights the $109,000 level as key for confirming a continued bull run.
"I've been targeting the $170K range as the potential cycle top — but here's the key: #BTC must close above $109K. Anything less is just a #BullTrap and a retracement, nothing more." - Egrag Crypto
Long-Term Predictions and Market Sentiment
Looking beyond the short term, some analysts predict Bitcoin will reach even higher milestones. Binance founder Changpeng Zhao, aka CZ, predicted Bitcoin would see mind-blowing highs this cycle.
"$500,000 to $1 million" - Changpeng Zhao
Though these predictions are always to be taken with a grain of salt, they are indicative of the bullish mood associated with Bitcoin’s long term prospects.
