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Bitcoin Surges 31% to $97,938, Analysts Eye $100,000

Coin WorldWednesday, May 7, 2025 2:49 pm ET

1min read

Bitcoin's price has surged from $74,434 to nearly $97,938, indicating a strong bullish momentum in the market. This significant price increase has caught the attention of analysts and investors alike, with many speculating about the potential for further gains.

Analyst Michael van de Poppe has predicted that Bitcoin could reach $100,000 within the next 14 days. This forecast is based on the recent price action, which has seen Bitcoin establish a price floor at its recent lows. Van de Poppe believes that this marks the end of a consolidation phase and the beginning of a new growth cycle for the cryptocurrency.

The Relative Strength Index (RSI) currently stands at 65, which supports the bullish momentum. However, the Moving Average Convergence Divergence (MACD) indicator shows mixed signals, with the MACD line above the signal line suggesting bullish momentum, but the narrow gap between the lines and the declining green histogram hinting at a possible bearish crossover.

Bitcoin is currently testing vital price thresholds, with $92,000 acting as a support level and $98,000 as resistance. A substantial rise above $98,000, backed by intensified trading volume, could propel Bitcoin towards its primary psychological target of $100,000. The upcoming price movement around these key levels will be crucial in determining whether Bitcoin can achieve this short-term target.

The current uptrend shows strong momentum, signaling the potential for further explosive growth. However, it is important to note that the market is still showing signs of indecision among traders, as indicated by the MACD. This could lead to increased volatility in the short term, but the overall trend remains bullish.

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