Bitcoin Charts: May 2018 Price Forecast for BTC

The Key Takeaways

• BTC data onchain and charts all point to the target of $100k.

• Profitability has risen, which suggests a recovery in the market’s confidence.

• BTC breakout patterns indicate that $100K is a short squeeze and euphoria-magnet.

BitcoinBTCThe multiple onchain and technical signals suggest that the rally could reach $100,000 in May. Five charts that support a short-term break.

BTC double bottom hints at target of $100,600

BTC’s chart for the day has been formed. textbook double bottomThis confirms the breakout of resistance above $87 643. Structure projects an incremental move up to or beyond $100,575

Momentum Indicators like relative strength index (RSI) Support this thesis and remain in bullish terrain with room for expansion. The 50- and the 200-day exponentially moving averages have also flipped to support. This has provided additional tailwinds.

The volume has been steady since the breakout, indicating that buyers remain in control. This set-up creates the foundation to propel Bitcoin towards $100,600.

The bull pennant set-up is aiming for six-figure BTC prices

BTC is traded on an hourly basis. consolidates Inside a bull pennant This pattern occurs after a strong rally. The pattern shows temporary uncertainty before the next upward leg. The target is around $100,900.

After a sharp rise, the pennant appeared. This suggests that BTC is coiling up before it resumes its upward movement. Despite low volume, structure is intact. Strong EMA alignment supports it.

Breakouts above the upper trendline of the pennant could generate new upside momentum. This would attract short-term traders as well as algorithms that target round-number breaks.

Bitcoin’s fall wedge breakout targets 102,000

This chart displays a three-day completed falling wedge Breakout, as the price breaks a major resistance zone around $94,000. The target is $102,270.

BTC’s breakout of the upper trendline above the falling wedge pattern is a bullish reversal pattern. Price also rides above the 50-3D EMA. This is a major trend signal.

Volumes surged in the breakout period, indicating strong buyers’ confidence.

It is important to note that the word “you” means “you”. $94,000-95,000 resistance Bitcoin’s upward attempts are now capped. BTC can now deliver its full measured move towards $100,000 rapidly.

Binance Heatmap shows $100K as the liquidity magnet

Liquidation data This shows a dense cluster of short-term liquidations located around the level $100,000. As market makers search for liquidity, these positions act like magnets and often pull prices towards them.

BTC’s continued rise will force short-sellers to sell, which could trigger a wave of orders.

Related: $635M liquidated in 24H as trader predicts $100K Bitcoin short squeeze

Price and liquidity are often closely linked. Due to the high volume of activity, it is likely that the price will rise in the near-term.

Bitcoin profits increase after the breakout

Bitcoin was trading at around $94,000 on April 23, up from the 82.7% of its circulating stock that had been in profit when BTC first traded in early march. Glassnode data.

This increase shows that Bitcoin was traded at lower prices during this period. March correctionThis is a reflection of a recent accumulation.

In the past, historically, when Percentage Supply of Profits remains over 90% for a prolonged period, markets enter an euphoric stage. Profitability is now approaching that threshold and bullish sentiment has continued to grow.

BTC, with its bullish charts and short liquidty overhead concentrated in one place, is still positioned well for an eventual move towards $100,000 by the end of May.

The article is not intended to provide investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.