BTC’s price has now jumped above $100,000 threshold for the first time since 4 February. This most vertical and jaw dropping ascent is being powered by strong bullish momentum. This recent price spike set off a jaw-dropping $800 million in short liquidations, the biggest liquidation spree of this kind since 2021. This uptrend has fueled bullish forecasts from analysts, with some recently estimating additional upside in the coming weeks.

At 4.3% on May 9, that’s pretty darn bullish and just indicative of how strong this rally has been thus far. The digital currency’s meteoric rise has captivated the imaginations of veteran traders and newbies to the investment world. It’s still going strong, shattering all previous records!

Bullish Indicators and Analyst Predictions

Bitcoin is trading above its 5-day, 10-day and 20-day moving averages which is a very strong bullish signal. This technical indicator points to sustained upward momentum, fueling more investment and speculative activity in today’s bullish market.

A different analyst believes a bull flag on the weekly chart is pointing BTC to a $182,200 target. This bull flag breakout was confirmed when Bitcoin’s price was $88,000 on April 22.

"I am liking how these Fibonacci retracement levels line up with support, makes me think $BTC has another leg to 106K+ before it corrects." - AlphaBTC

This spike in Bitcoin’s price has led to the largest wave of crypto liquidations since 2021. More than $925 million in crypto market liquidations occurred this past weekend. This included an astounding $800 million in short positions, which represented the largest short liquidation since 2021.

Market Liquidations and Overbought Conditions

On daily timeframes, the BTC/USD had put in a “overbought conditions” signal as it reached above 70. These negative fundamentals could potentially mean that the cryptocurrency is overdue for a short term correction.

Looking out a little further, there are some Bitcoin bulls who are even more optimistic. Binance founder Changpeng Zhao has predicted that Bitcoin will go to at least $500,000, and possibly $1 million this cycle.

Long-Term Projections and Expert Opinions

While these sort of predictions always need to come with a caveat, they do point to the increased confidence and excitement that’s developing around Bitcoin’s potential.

While such predictions should be taken with caution, they highlight the growing confidence and excitement surrounding Bitcoin's potential.