The cryptocurrency market has recently fully recovered, with Bitcoin (BTC) steadily staying above $100,000 for three consecutive days, leading to increasingly optimistic market sentiment. Against this background, analysts and traders have put forward optimistic predictions, believing that Bitcoin may usher in a new "parabolic" rise.
Analyst: Bitcoin Could Reach $160,000
In this context, renowned economist Aksel Kibar stated on X platform yesterday that this Bitcoin rally can be traced back to the price breakthrough in November 2024. He pointed out that the monthly trend line formed a clear breakthrough signal on the long-term chart. At that time, Kibar predicted that Bitcoin's next target price would be around $137,000.
November 2024 monthly candle was the breakout signal on long-term charts. $BTCUSD https://t.co/BSrd5lMbK0 pic.twitter.com/wMjGBtp6WI
— Aksel Kibar, CMT (@TechCharts) May 9, 2025
Moreover, trader and analyst Matthew Hyland's prediction is even more aggressive. In his latest video analysis, he stated that if the bullish sentiment continues to dominate the market and the key leading indicator Relative Strength Index (RSI) continues to support the upward momentum, Bitcoin might create a new historical high in the second quarter, potentially reaching $160,000 or even more crazy numbers. Hyland optimistically concluded:
I do believe Bitcoin is likely to break through these highs.
#BTC & #ETH Update: pic.twitter.com/ovRS9pN0aj
— Matthew Hyland (@MatthewHyland_) May 9, 2025
Short-Term Profit-Taking Appears
However, the current market is not without concerns. For example, renowned trader Skew has warned that Bitcoin is currently facing pressure for comprehensive profit-taking in the critical long-term resistance zone between $103,000 and $104,000. He explained:
We are starting to see some profit-taking, possibly from a large trader passively selling BTC and closing out long positions.
Skew further pointed out that considering Bitcoin's current position in the high time frame supply and resistance area, such market behavior is logically reasonable. He also reminded that the current lackluster performance of the US stock market might affect the crypto market, and investors should closely monitor the trends in traditional financial markets.
$BTC
Starting to see some profits taking here, likely from a large traderPassively selling BTC into price here & closing out longs
Logically makes sense given BTC is trading around HTF Supply & Resistance $103K – $104K
In terms of current underlying flow, market remains… pic.twitter.com/JE4OoHyzzX
— Skew Δ (@52kskew) May 9, 2025
