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. Arthur Hayes, 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.