5 Bitcoin charts predicting BTC price rally toward $100K by May

6 hours ago

Key Takeaways:

BTC liquidation levels, onchain data, and illustration setups converge astatine the $100K target.
Profitability has surged, suggesting a rebound successful marketplace confidence.
BTC breakout patterns constituent to $100K arsenic a short-squeeze and euphoria magnet.

Bitcoin (BTC) is flashing aggregate method and onchain signals suggesting that a rally to $100,000 is imaginable by May. Here are 5 charts making the lawsuit for a near-term breakout.

BTC double-bottom hints astatine $100,600 target

BTC's regular illustration has formed a textbook treble bottom, confirming a breakout supra the neckline absorption astatine $87,643. The operation projects a measured determination to $100,575 oregon above.

Momentum indicators similar the relative spot scale (RSI) enactment this thesis, staying successful bullish territory with much country to expand. Meanwhile, the 50- and 200-day exponential moving averages (EMAs) person flipped into support, offering further tailwinds.

Volume has remained dependable post-breakout, showing that buyers are inactive successful control. This setup creates a beardown instauration for Bitcoin to propulsion toward $100,600.

Bull pennant setup eyes six-figure BTC price

On the hourly timeframe, BTC consolidates wrong a bull pennant pursuing a crisp rally. This signifier indicates impermanent indecision earlier the adjacent limb higher. The people sits adjacent $100,900.

The pennant formed aft a steep rise, suggesting that BTC terms is apt coiling earlier resuming its up move. Despite the debased volume, the operation remains intact and is supported by beardown EMA alignment.

A breakout supra the pennant’s precocious trendline could trigger caller upside momentum, attracting short-term traders and algorithms targeting round-number breakouts.

Bitcoin’s falling wedge breakout targets $102,000

The three-day illustration shows a completed falling wedge breakout, with the terms breaking a cardinal absorption portion adjacent $94,000. The projected determination targets $102,270.

Falling wedges are typically bullish reversal patterns, and BTC’s cleanable breakout supra the precocious trendline adds method conviction. Price is besides riding supra the 50-3D EMA, a cardinal inclination signal.

Volume surged during the breakout, suggesting beardown purchaser conviction.

The $94,000-95,000 resistance is present capping Bitcoin’s upside attempts. Breaking it means BTC could present its implicit measured determination toward $100,000 quickly.

Binance heatmap shows liquidity magnet astatine $100K

Liquidation data reveals a heavy clump of abbreviated liquidations astir the $100,000 level. These positions often enactment similar a magnet, pulling the terms toward them arsenic marketplace makers hunt for liquidity.

If BTC continues climbing, it volition unit abbreviated sellers who whitethorn beryllium forced to exit, triggering a cascade of bargain orders.

Liquidity maps often front-run price. With specified dense enactment adjacent six figures, the way of slightest absorption appears upward successful the adjacent term.

Bitcoin profitability increases post-breakout

As of April 23, 87.3% of Bitcoin’s circulating proviso was successful profit, up from 82.7% erstwhile BTC past traded adjacent $94,000 successful aboriginal March, according to Glassnode data.

The summation indicates that a important information of the Bitcoin proviso changed hands astatine little levels during the March correction, reflecting a caller question of accumulation.

Historically, erstwhile the Percent Supply successful Profit remains supra 90% for an extended period, markets thin to participate a euphoric phase. With profitability present nearing that threshold, bullish sentiment continues to build.

Combined with bullish illustration structures and concentrated abbreviated liquidity overhead, BTC remains positioned for a imaginable determination toward $100,000 by May.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

View source