The key takeaways
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Bitcoin’s record high of $109 458 is aligned with 7 consecutive weekly green candles, dating back to April. These candle patterns highlight the strength and momentum for the current bullish market.
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Analysts anticipate that BTC could reach anywhere between $135,000 and $320,000 in the year 2025.
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BTC heatmaps indicate zones with high leverage that could trigger liquidations. Thus, risk management remains crucial.
Bitcoin (BTC) Binance’s price has risen to a new high of $109,458 since May 21. This marks seven green candles consecutively in a week.
Bitcoin’s longest run of green-colored weekly closings will be achieved on 25 May if the Bitcoin weekly candle closes above $106,500. This is its highest weekly close since 2023.
Bitcoin’s total market value and its realized capital also hit new records of 2,17 trillion dollars and $911.5 million, respectively. noted by Glassnode.
Related: Is Bitcoin price close to a cycle top? — 5 indicators that help traders decide
The bulls are targeting Bitcoin prices over $110K.
Titan of Crypto, a crypto trader Titan, says BTC has been gaining momentum. noted Bitcoin remains within a $135,000 price range. “play” The forecast is for 2025. The forecast tracks its return in relation to high-time frame support and resistance levels for the last two years using the Fibonacci Extension tool. This tool identifies the price target by measuring past price swings.
On the chart, the 1.618 Fibonacci level, drawn to a swing high from a swing low, aligns at $135,000–$140,000, identifying a potential target.
Peter Brandt is a well-known trader. acknowledged BTC is now at a record high, but we have pointed out the fact that this milestone was not a good one. “not technically significant” Bull markets are characterized by high prices. “The trader replied,
“Bull markets make ATHs all the time. It is the definition of a bull market. On track maybe for top of $125,000 to $150,000 by end of August????”
In comparison, technical analyst Gert van Lagen set a much higher Price level between $300,000. and $320,000. Gert van lagen, in a recent X posting, pointed out Bitcoin’s break from a bullish Megaphone Pattern that lasted for four years. The pattern is marked by divergent trendlines, with higher lows and higher highs. This signals a possible sharp uptrend following the breaking of upper resistance.
An analyst using Elliott Wave Theory has noted that BTC currently is at the end of Wave 5 in an impulse cycle. He believes this supports his bullish view for a further Bitcoin rally from 170% up to 190%.
While the markets edge toward euphoria, Alphractal CEO João Wedson recommended Investors need to exercise patience and caution. Analyst noted BTC heatmaps revealed price movements towards high-leverage areas, suggesting that market makers could target overconfident trader for liquidation.
Wedson stressed that public obsession about new all-time lows could lead to traps, both for bears and bulls. It is important to keep this in mind. “always manage your risk.”
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.
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Source: cointelegraph.com
