Bitcoin Price Prediction: BTC to $100,000 by May?

Cointelegraph analysts predict Bitcoin (BTC) could surge to $100,000 by May, citing several technical indicators and market dynamics. Technical Analysis Points to Upside: A double bottom pattern on the daily chart, coupled with a break above the $87,643 resistance, signals strong bullish momentum. The RSI is positive, and key EMAs provide support. A symmetrical triangle forming on the hourly chart suggests an energy build-up for another price surge. Furthermore, a breakout from a falling wedge pattern on the 3-day chart confirms strong buying interest. Short Squeeze Potential: A large concentration of short positions around the $100,000 level creates the potential for a significant short squeeze, further accelerating the price increase. Majority in Profit: Currently, over 87% of the circulating Bitcoin supply is in profit, a figure trending upwards. Historically, when over 90% of BTC is in profit, the market often enters a state of extreme optimism. While these factors suggest a potential rally, remember that cryptocurrency markets are volatile, and predictions are not guarantees. Always conduct thorough research before making investment decisions. ```