Bitcoin Is Set To Shatter Expectations – And Possibly A Few Records

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Well, well, well. It seems that Bitcoin, after galloping past the $100,000 mark like a show-off at a fancy gala, has decided to take a breather. Currently lounging around $103,000, it’s flirting with the idea of consolidation—because why not? We all need a rest after a wild ride, don’t we? But don’t get too comfy, because this quiet interlude could very well be the calm before the storm, with expectations aiming for a jaunt between $106,000 and $110,000.

Enter RLinda, our ever-optimistic crypto analyst from TradingView, who assures us that this isn’t a sign of fatigue. Oh no, it’s merely a “strategic regrouping” before Bitcoin launches into another high-flying stunt. Perhaps it’s just stretching its legs. 👀

Bitcoin’s Price Is Napping Between Key Levels, But The Party’s Not Over

Bitcoin’s thrilling escape from $97,860 to the resistance at $104,300 was like the grand finale of a fireworks display. Now, the price seems to be taking a bit of a siesta, hovering between $104,300 and $102,300. It’s as if the market has paused for a well-earned cigarette break. 🚬

However, RLinda, ever the optimist, has a rather sunny take on this pause, claiming this range-bound movement is actually a bullish sign. Forget weakness; it’s all about building momentum! If Bitcoin decides to hop off the lower end of the range, say from $103,300, $102,300, or even $101,700, we could see another blast upwards—like an overly enthusiastic rocket at a space launch. 🚀

Yes, the third retest did fail to push the price higher, which led to a little drop. A spot of bother, really. But don’t fret! The price is back above $103,336, signaling that the market’s inner strength is very much alive. Should it bounce successfully from the liquidity zone between $102,700 and $102,300, we could be looking at another attempt at breaking that pesky $104,300 resistance.

If this does play out, hold onto your hats, because Bitcoin could aim for $106,000 or $107,000 next, with whispers of a possible surge to $110,000 before the end of May. And let’s not forget, the year-end price target could swing anywhere between $120,000 and $180,000. A merry little increase, wouldn’t you say? 🎉

Bitcoin chart

Chart Image From TradingView: RLinda

The Blockchain Knows What It’s Doing: On-Chain Signals Point Up

This consolidation, much to our delight, is not happening in a vacuum filled with market panic. Oh no, the on-chain data and general market sentiment are positively glowing with optimism, cheering Bitcoin on for another run-up this month. 🥳

Crypto analyst Ali Martinez has noticed that over 110,000 BTC have been withdrawn from centralized exchanges over the last month. As shown in the CryptoQuant chart below, this has caused the Bitcoin reserves on exchanges to dip from 2.57 million BTC to 2.45 million BTC. This is indicative of investors moving their prized Bitcoin into cold storage, which means there’s less immediate selling pressure. In other words, it’s all systems go for Bitcoin’s upward journey. 🎢

Crypto data chart

But, of course, we must stay vigilant. The key support levels to keep an eye on are $103,300, $102,300, and $101,700. As for breaking through the resistance? Well, we’ll be eyeing $104,300 and $108,786 with bated breath.

At the time of writing, Bitcoin was happily trading at $103,670. Could this be the calm before the next big leap? Stay tuned. 😏

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2025-05-11 23:01