Bitcoin May Break 100,000? 5 Data Points Reveal the Possibility of New Highs
Bitcoin has recently seen a fierce rally, soaring 11% from April 20 to 26, stabilizing at $94,000. Cointelegraph's analysis indicates that technical indicators, on-chain data, and institutional capital inflow suggest that Bitcoin may break 100,000 in May, potentially setting a new historical high! The following 5 charts will showcase the bullish logic:
1. Double Bottom Breakout, Target 100,000+
The daily chart shows Bitcoin forming a double bottom pattern, having broken the neck line at $87,643, with a target price directly aimed at $100,575. RSI remains bullish, with strong upward momentum.
2. Bullish Flag Pattern, Ready to Launch
The 1-hour candlestick chart forms a bullish flag pattern, indicating a surge towards $100,900 after consolidation.
3. Descending Wedge Breakout, Targeting $102,270
The 3-day candlestick chart breaks the resistance at $94,000, with the descending wedge target price locked at $102,270.
4. Binance Heatmap: 100,000 Short “Magnet” Ignites Market
CoinGlass data shows a dense concentration of short positions near $100,000, which could trigger a short squeeze, pushing prices higher.
5. On-chain Data + Institutional Support, Confidence Soars
Glassnode shows that 87.3% of Bitcoin's circulating supply is profitable, up from 82.7% in March. The net inflow into U.S. stock ETFs reached $3.1 billion in a week, marking the second-highest in history, with institutional bullish sentiment running high. The correlation between Bitcoin and the S&P has dropped to 29%, highlighting its status as an independent asset.
Despite retail sentiment being cautious (market sentiment index at 54), the derivatives market has seen deleveraging, with short liquidations exceeding $450 million, and the 2-month futures premium rate rising to 6.5%, indicating clear bullish signals. With technical and fundamental factors resonating together, the chances of Bitcoin hitting 100,000 in May and challenging the historical high of $109,114 have significantly increased!
