Bitcoin made a significant surge on May 9, gaining 4.3% and breaking the $100,000 mark for the first time since February. This rally triggered a cascade of liquidity, leading to over $800 million in short liquidations, the largest amount since 2021. The BTC/USD pair traded above $100,000, hitting a high of $104,150 during the late New York trading session on May 8, as reported by Cointelegraph and Bitstamp.

The Crypto Fear & Greed Index has climbed from 65 to 73 in the last 24 hours, indicating growing "greed" among investors. The 24-hour crypto market liquidations exceeded $925 million, with $800 million coming from short positions, marking the largest short liquidation since 2021, according to CoinGlass.

Despite the surge, Bitcoin faces resistance with several bands of seller interest above the spot price. Ask-orders worth $2.85 billion are positioned close to the all-time high of $109,500. This suggests that the rally may still have room to continue in the short term. However, some analysts caution that the BTC/USD pair has triggered "overbought conditions" on the relative strength index (RSI) indicator in daily timeframes, with the RSI rising above 70.

Despite the overbought conditions, analysts point to strong support from moving averages and the MACD indicator as reinforcing Bitcoin's upward momentum. The MACD is above the signal line, indicating bullish sentiment.

Market analysts and traders have set ambitious price targets for Bitcoin. Some analysts predict Bitcoin could reach $106,000 in the short term, with a potential rally towards $170,000 if it surpasses the all-time high of $109,000. Binance founder Changpeng Zhao even suggests that Bitcoin could reach between $500,000 and $1 million by the end of the current bull cycle, driven by institutional adoption and government accumulation.

From a technical perspective, Bitcoin's price action has formed a bull flag pattern on the weekly timeframe, a bullish setup that suggests a potential target of $182,200, representing a 75% gain from the current price. The bull flag breakout occurred when Bitcoin surpassed the upper trendline at $88,000 on April 22.

Analysts and experts caution that all investment and trading moves carry risks and advise readers to conduct their own research before making decisions. This latest surge in Bitcoin's price has reignited optimism

Source: https://cointelegraph.com/news/how-high-can-bitcoin-price-go?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound