The main dishes to remember:
-
Bitcoin increased by 4.3% on May 9, after broke $ 100,000 for the first time since February.
-
BTC price gains trigger $ 800 million in short liquidation, the largest since 2021.
-
A bull flag on the weekly graphic suggests a target of $ 182,200, analysts predicting the price of Bitcoin can reach $ 1 million in 2025.
The Bitcoin price (BTC) is up 4.3% on May 9, because a new liquidity cascade sent the BTC price more than $ 100,000 for the first time in more than 90 days.
Bitcoin eliminates liquidity in return to 6 digits
BTC / USD increased up to $ 104,150 at the end of the New York negotiation session on May 8, according to Cointelegraph Markets Pro and Bitstamp data. The feeling of cryptocurrency, as measured via the Crypto Fear & Greed index, has gone from 65 to 73 in the last 24 hours, which suggests an increased “greed” among investors.
The liquidations of the 24 -hour cryptography market exceeded $ 925 million, including 800 million dollars in uncovered positions, which has marked it the greatest short liquidation since 2021, according to the monitoring of Corglass resources.
Several bands of interest of the seller are greater than the cash price, with alumni of $ 2.85 billion at near the summit of $ 109,500 of all time. This suggests that the current rally still has room to run in the short term.
However, the Crypto Gemxbt analyst noted that within the daily time limits, the BTC / USD pair had sparked “outline conditions” on the indicator of relative force index (RSI), which exceeded 70.
Despite this, the analyst said that solid support for mobile averages and the macD moving above the signal line have strengthened the increase in bitcoin.
“Bitcoin (BTC) is currently on an upward trend, negotiating above 5MA, 10MA and 20MA, indicating a strong bullish dynamic. The MacD is above the signal line, supporting the bullish feeling.”
Merchants have set ambitious objectives for the price of bitcoin
The last resumption of Bitcoin led market analysts and traders to set varied BTC price objectives according to various analyzes and feelings.
The current Bitcoin rally could continue around $ 106,000, according to popular Crypto Alphabtc analyst.
In a technical configuration shared on its X handle, the analyst has shown that Bitcoin trading in an ascending parallel channel, the short-term objective being the top of all time, closing every day above $ 106,000.
“I like how these levels of Fibonacci trace align with support, makes me think that $ BTC has another leg at 106k + before correcting.”
Several analysts have also planned higher end -of -year objectives for Bitcoin, including Crypto Trader Egrag Crypto, which says that BTC Price could reach $ 170,000 if it exceeds the summit of $ 109,000 from all time.
“I have targeted the range of $ 170,000 like the top of the potential cycle – but here is the key: #BTC must close above $ 109,000. Nothing less is just a #bulltrap and a retracement, nothing more.”
Meanwhile, the founder of Binance, Changpeng Zhao, expects Bitcoin to reach between $ 500,000 and $ 1 million this bull cycle, driven by institutional adoption, an accumulation of increasing government and an American pro-cory administration under President Donald Trump.
BTC Price Bull Flag targets $ 180,000
From a technical point of view, the action of the price of Bitcoin led to the formation of a Taurus flag model on the weekly time, a bullish configuration which forms after the price is consolidated inside a downward range.
The escape from the Taurus flag occurred when the price jumped over the trend line greater than $ 88,000 on April 22. Bitcoin could now increase as much as the height of the previous higher trend, or $ 182,200, a gain of 75% of the current price.
This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.
