The key takeaways
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Bitcoin was up 4.3% on May 9, after breaking $100,000 for the first time since February.
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BTC’s price increases trigger short-term liquidations of $800 Million, the highest since 2021.
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The weekly bull’s eye chart indicates a target of $182.200. Analysts believe Bitcoin can reach $1,000,000 in 2025.
Bitcoin’s (BTCPrice is up by 4.3% as of May 9, after a new liquidity cascade saw BTC prices rise above $100,000 for over 90 days.
Bitcoin returns 6-figures in exchange for eradicating liquidity
BTC/USD climbed to $104,150 at the end of New York’s trading session, May 8th. Cointelegraph Markets Pro Bitstamp. Crypto market sentiment, as measured via the Crypto Fear & Greed Index, has increased from 65 to 73 in the last 24 hours, suggesting increasing “greed” Investors are a diverse group.
Crypto market liquidations in 24 hours exceeded $925 Million, with $800 millions of that amount being short positions. It is the biggest short position liquidation since 2020. according to monitoring resource CoinGlass.
There are several bands of interest from sellers above the current spot price. Ask-orders totaling $2.85 billion sit close to it. all-time high of $109,500. It is clear that the current rally can still continue in the short-term.
Crypto analyst GemXBT has noted, however, that on daily time frames, the BTC/USD pairs had already triggered. “overbought conditions” The relative strength Index (RSI() indicator that rose above 70.
The analyst stated that despite this strong support, MACD and moving averages above the line of signaling reinforced Bitcoin’s upward movement.
“Bitcoin (BTC) is currently in an uptrend, trading above the 5MA, 10MA, and 20MA, indicating strong bullish momentum. The MACD is above the signal line, supporting the bullish sentiment.”
Bitcoin traders set high targets for the price
Bitcoin’s recent recovery led traders and market analysts to establish a variety of BTC target prices based on different analyses and emotions.
According to AlphaBTC, a popular cryptocurrency analyst, Bitcoin’s recent rally could continue towards $106,000.
The analyst shared a set-up on his X account. showed Bitcoin trading in an ascending parallel channels, the target short term being the highest daily closing price above $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.”
Egrag crypto, a cryptocurrency trader, is among those who have projected Bitcoin’s higher targets by the end of this year. says BTC could reach $170,000 in price if the BTC breaks through. all-time high of $109,000.
“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.”
Binance founder Changpeng Zhao expects Bitcoin will reach $500,000 to $1,000,000 in this bull-cycle, due to institutional adoption, government accumulation and the pro-crypto US Administration under President Donald Trump.
BTC price bull flag targets $180,000
Technically, Bitcoin’s price movement has created a bull flag Pattern on the weekly chart, this is a setup which forms when the price settles within a range that slopes downwards.
On April 22, the bull flag breakout was when the price rose above the upper trendline, at $88,000. Bitcoin may now reach the height of the last uptrend, $182.200. That’s a gain of 75% from its current price.
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Source: cointelegraph.com
