Bitcoin has catapulted beyond the $100,000 mark today, May 9, 2025, reigniting fervor within the cryptocurrency sphere. This marks the first time since February that Bitcoin has surged past this significant milestone, following a 4.3% rise in value. The ascent has not only triggered $800 million in short liquidations—the largest since 2021—but also sparked debates about how high Bitcoin’s value might soar this year.
Bitcoin’s Ascent: A Fresh Liquidity Wave
Bitcoin’s recent surge to $104,150 during the late New York trading session on May 8 is making waves in the crypto markets. This rally is driving the Crypto Fear & Greed Index up from 65 to 73, signaling a growing sense of greed among investors. The substantial short liquidations, totaling over $925 million in the past 24 hours, underscore the market’s dramatic shift. Such liquidations are reminiscent of major movements last seen in 2021, highlighting the scale of current market dynamics. This follows a pattern of institutional adoption and market optimism, which we detailed in Bitcoin Surges Past $94,000 as Institutional Interest and Market Optimism Grow.
According to CoinGlass, the market is brimming with seller interest, with ask-orders worth $2.85 billion poised near Bitcoin’s all-time high of $109,500. This suggests that the rally could have more steam left, at least in the short run. However, GemXBT, a notable crypto analyst, cautions that Bitcoin has entered “overbought conditions” on the daily timeframes, with the RSI indicator soaring above 70. Despite this, the analyst notes that Bitcoin’s bullish momentum is bolstered by strong support from moving averages and the MACD indicator remaining above the signal line.
Setting Ambitious Targets: How High Can Bitcoin Climb?
The current upward trajectory has emboldened market analysts and traders to project ambitious price targets for Bitcoin. Popular analyst AlphaBTC envisions Bitcoin continuing its ascent toward $106,000, buoyed by an ascending parallel channel evident in recent technical setups. “I am liking how these Fibonacci retracement levels line up with support, makes me think $BTC has another leg to 106K+ before it corrects,” he shared on X.
Meanwhile, other analysts are setting their sights even higher. Egrag Crypto, another well-known trader, believes Bitcoin could reach $170,000 if it can sustain a close above the $109,000 threshold. “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,” he articulated. This sentiment echoes concerns over market perception, as discussed in Bitcoin Surpasses $95K Amid Resilient U.S. Stocks, Analysts Voice Concerns Over Market Perception.
On an even grander scale, Binance founder Changpeng Zhao anticipates Bitcoin could skyrocket to between $500,000 and $1 million this bull cycle. This projection is fuelled by factors such as institutional adoption, increasing government accumulation, and a pro-crypto stance from the current US administration under President Donald Trump.
Bull Flag Patterns and Future Projections
From a technical standpoint, Bitcoin’s price movement has carved out a bull flag pattern on the weekly chart, a bullish indicator that typically follows a period of consolidation. This pattern suggests potential for a significant price increase, with some analysts predicting a rise to $182,200—a staggering 75% leap from current levels. The breakout was confirmed when Bitcoin breached the upper trendline at $88,000 on April 22, setting the stage for the next upward leg.
But the question remains—how sustainable is this rally? While the technical and market indicators are promising, the volatile nature of cryptocurrencies means that investors must remain vigilant. With substantial liquidations and ambitious targets being the order of the day, it’s clear that Bitcoin’s journey through 2025 is set to be anything but predictable.
As Bitcoin continues its exhilarating climb, investors and analysts alike are left pondering the implications of this bull run. Will Bitcoin defy expectations and reach new heights, or will unforeseen market forces temper its rise? The coming months will undoubtedly provide answers, but for now, Bitcoin’s ascent is a testament to both its enduring allure and the ever-evolving dynamics of the cryptocurrency market.
Source
This article is based on: How high can Bitcoin price go?
Further Reading
Deepen your understanding with these related articles:
- Bitcoin Jumps Above $97K as Traders Optimistic U.S.-China Trade Deal Possible
- Bitcoin price about to ‘blast’ higher as Fed rate cut odds jump to 60%
- Bitcoin Traders’ Favorite Lottery Ticket for the First Half of the Year — The $300K BTC Call
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
