As Bitcoin continues to push against a significant resistance zone just below its all-time highs, discussions about a potential parabolic price movement have started to rekindle among investors and analysts. Following a promising surge, Bitcoin’s price held steady in the six-figure range on May 9, indicating growing optimism in the market.
Key Points:
- Bitcoin is challenging a key resistance zone beneath all-time highs.
- Talk of a ‘parabolic’ move in BTC’s price is gaining traction as bullish sentiment persists following the Wall Street open.
- Signs of profit-taking are becoming more evident amidst the highest prices observed since January.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin (BTC/USD) displayed minimal consolidation over the past 24 hours and surged to $104,332 on Bitstamp—the highest price since late January.
Market participants are regaining confidence in a broader Bitcoin bull market. Popular economist Aksel Kibar noted that November 2024 marked a breakout signal in long-term charts. He underscored this point with a comparison to historical breakout events, reasserting his previous price target of $137,000.
While some analysts exhibit caution, others are more optimistic, predicting extraordinary price movements for Bitcoin in the near future. Notably, cryptocurrency investor Jason Williams remarked that Bitcoin is on an exponential trajectory as it regained the $100,000 milestone.
Trader and analyst Matthew Hyland echoed this sentiment in his recent video update, suggesting that Bitcoin’s price could target $160,000—potentially representing a new all-time high—if bulls continue to dominate and key indicators, such as the Relative Strength Index (RSI), support further upward momentum.
Decoding Bitcoin’s Market Movements
Despite the optimistic projections, Bitcoin’s journey isn’t without hurdles. On shorter timeframes, prominent trader Skew raised concerns regarding profit-taking occurring at the $103,000 level—a pivotal long-term resistance zone. Fragmented profit-taking can be observed, likely driven by larger traders who are strategically selling BTC at this price point.
This behavior warrants attention, especially as it coincides with a closely monitored correlation between the cryptocurrency market and traditional finance, particularly with U.S. stock markets opening flat.
Investors are encouraged to remain vigilant and conduct thorough research when navigating this volatile market environment. As always, investing and trading come with inherent risks, and individuals should make informed decisions based on complete assessments of the market landscape.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
