Key Takeaways:
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Bitcoin rose 4.3% on May 9 after breaking $ 100,000 for the first time since February.
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The BTC price gains trigger $ 800 million in short liquidations, the largest since 2021.
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A bull flag on the weekly chart suggests a $ 182,200 target, where analysts who predict Bitcoin’s price can go as high as $ 1 million in 2025.
Bitcoin’s (BTC) price has risen by 4.3% on May 9 when a fresh liquidity cascade sent the BTC price rising over $ 100,000 for the first time in over 90 days.
Bitcoin wipes out liquidity in return to 6-figures
BTC/USD rose as high as $ 104,150 during the late New York trading session on May 8, according to data from Cointelegraph Markets Pro and Bitstamp. Crypto Market mood, measured via the Crypto Fear & Greed Index, has risen from 65 to 73 within the last 24 hours, suggesting to increase “greed” among investors.
The 24-hour crypto market’s liquidation surpassed $ 925 million, including $ 800 million in short positions, marking the largest short liquidation since 2021, according to monitoring of resource coinglass.
Several ties of the seller’s interest are above the spot price, with requests worth $ 2.85 billion that is close to all the time at $ 109,500. This suggests that the ongoing rally still has room to run in the short term.
However, Crypto Analyst GemxBT noted that BTC/USD paired in daily time frames in daily time frames had triggered “overbought conditions” on the relative strength index (RSI) indicator that rose over 70.
Despite this, the analyst said strong support from the moving average and MacD moves across the signal line amplified Bitcoin’s upside.
“Bitcoin (BTC) is currently in an uptrend that trades over 5mA, 10mA and 20mA, indicating a strong bullish momentum. MACD is over the signal line and supports the bullish mood.”
Dealers set ambitious goals for Bitcoin prize
Bitcoin’s latest recovery has led to market analysts and dealers setting varied BTC price targets based on various analyzes and emotions.
Bitcoin’s current rally can continue against $ 106,000, according to the popular Crypto analyst Alphabtc.
In a technical setup that was shared on its X handle, the analyst Bitcoin trading showed within an increasing parallel channel, with the short-term goal being the high high daily close to $ 106,000.
“I like how these Fibonacci -Retracement levels match with support makes me think that $ BTC has another leg for 106k+before it corrects.”
Several analysts have also projected higher goals for the year’s end of Bitcoin, including crypto trader, Crypto, which says BTC Price could rise to $ 170,000 if it breaks over all over $ 109,000.
“I have targeted the $ 170,000 series as the potential cycle top – but here’s the key: #BTC has to close over $ 109K. Something less is just a #bulltrap and a retracement, nothing more.”
Meanwhile, Binance founder Changpen Zhao expects Bitcoin to reach between $ 500,000 and $ 1 million this bull cycle, driven by institutional adoption, growing government accumulation and a pro-crypto US administration under President Donald Trump.
BTC Price Bull Flag is targeting $ 180,000
From a technical perspective, the Bitcoin Price action has led to the formation of a bull flag pattern on the weekly timeframe, a bullish setup formed after the price consolidates inside a declined area.
Bull Flag Breakout took place as the price skipped the upper trend line for $ 88,000 on April 22. Bitcoin could now rise by as much as the height of the previous Uptrend or $ 182,200, a 75% gain from the current price.
This article does not contain investment advice or recommendations. Each investment and trade movement involves risk, and readers should make their own research when making a decision.