Bitcoin Surges 4.3% to $104,332, Sparking Bullish Predictions

Bitcoin (BTC) has been making significant strides, attracting attention with its recent price movements. The cryptocurrency has been attacking a key resistance zone below its all-time highs, with bulls maintaining six figures after the market open on May 9. This has sparked discussions about the potential for a "parabolic" price surge, with some analysts setting ambitious targets for BTC.

Data from various sources indicates that there has been minimal consolidation in BTC/USD over the past 24 hours. The pair reached $104,332 on Bitstamp, marking its highest point since the end of January and a notable departure from the downtrend observed for much of 2025. This price action has renewed market participants' confidence in the broader Bitcoin bull market.

Economist Aksel Kibar highlighted that the November 2024 monthly candle served as a breakout signal on long-term charts. He compared this event to similar breakouts in the past and reiterated his existing price target of $137,000 for BTC. Other analysts have even more optimistic predictions, with some suggesting that Bitcoin could reach "parabolic" levels.

Crypto entrepreneur and investor Jason Williams summarized the sentiment, stating that Bitcoin is "going exponential" as it returned to the $100,000 mark. Trader and analyst Matthew Hyland also forecasted new all-time highs in the second quarter of 2025. According to Hyland, if bulls maintain control and the relative strength index (RSI) supports further upside, BTC could reach $160,000 or other "crazy numbers."

Despite the bullish sentiment, there are signs of profit-taking as Bitcoin approaches key resistance levels. Popular trader Skew noted that profit-taking is in full swing at $103,000, a significant long-term resistance zone. Skew suggested that this behavior is likely from a large trader passively selling BTC into the price and closing out longs. The trader also mentioned that the market remains correlated with traditional finance, advising to keep an eye on the performance of US stock markets.