Bitcoin Holds Near $104,000 as Traders Await Breakout

Bitcoin (BTC) has been experiencing reduced volatility as traders anticipate a potential breakout ahead of the May 18 weekly close. The cryptocurrency has been consolidating within a tight range, with bulls and bears in a deadlock. The current price of Bitcoin is trading around $103,650, attempting to stabilize just below the key $104,000 resistance zone after a brief consolidation phase. This price level is significant as it marks a potential turning point for the cryptocurrency.
The recent "death cross" signal, where the short-term moving average falls below the long-term moving average, has indicated short-term weakness. However, traders are closely watching for a confirmed break above or below the current range to determine BTC's next move. A break above $105,787 may reignite bullish momentum, while a dip below $100,703 could pave the way for a deeper correction. The market is currently in a deadlock, with bulls and bears unable to gain a decisive advantage.
On the hourly chart, the rate of BTC is going up after breaking the local resistance of $104,094. If bulls can hold the gained initiative and the daily candle closes far from that mark, the growth may continue to the $106,000 area. On the bigger time frame, the price of the main crypto is testing the $104,985 level. If a breakout happens and the bar closes with no long wick, the accumulated energy might be enough for a continued upward move to the $107,000 zone. From the midterm point of view, traders should focus on the weekly bar closure in terms of the $108,364 level. Unless a breakout happens, there is a chance of a correction to the $100,000 mark.
Analysts have made various predictions about Bitcoin's future price. According to one analyst's forecast, Bitcoin could reach $116,000 in the near future. Another analyst has predicted that Bitcoin could be worth $20 trillion in five years, with a market cap of about $2 trillion as of now. This prediction is based on the current market cap and the potential for Bitcoin to become a preferred haven for investors. Additionally, the 200-week moving average for Bitcoin has moved above $47,000, which could mark the end of sub-$47,000 price levels.
Robert Kiyosaki, the renowned author of 'Rich Dad Poor Dad,' has made a bold prediction that Bitcoin could reach $250,000 by the end of 2025. This prediction is based on his analysis of macroeconomic factors and the potential for Bitcoin to become a preferred haven for investors.
, a prominent figure in the crypto industry, has also predicted that Bitcoin could surge to $1 million in the next three years. According to Hayes, strong tailwinds, including potential foreign capital repatriation and the devaluation of U.S. Treasury stocks, could drive this price increase.Despite the short-term fluctuations, the overall sentiment remains bullish. Market participants are observing targets ranging from $120,000 to $150,000 by mid-year. The $100,000 psychological barrier is seen as significant support, and the market's strive for a $2 trillion market cap is a key factor in the bullish outlook. Traders should closely monitor the market's movements and be prepared for potential fluctuations. Understanding the underlying factors and maintaining a strategic approach could help investors navigate the crypto market's complexities.

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