5 charts predicting BTC will rise to $100,000 in May

Author: Yashu Gola, CoinTelegraph; Compiler: Wuzhu, Golden Finance

Summary

• BTC liquidation levels, on-chain data, and chart settings all converge on a $100,000 target.

• Profitability has increased significantly, indicating a rebound in market confidence.

BTC is flashing multiple technical and on-chain signals that a rally to $100,000 is possible by May. The following five charts suggest a near-term breakout.

BTC double bottom suggests a target price of $100,600

BTC's daily chart has formed a typical double bottom, confirming a breakout above the neckline resistance of $87,643. It is expected to reach $100,575 or above.

BTC/USD daily price chart. Source: TradingView

Momentum indicators such as the relative strength index (RSI) support this thesis, maintaining bullish territory with more room for expansion. Meanwhile, the 50-day and 200-day exponential moving averages (EMAs) have turned into support, providing additional tailwind.

Volumes have remained steady after the breakout, suggesting that buyers remain in control. This lays a solid foundation for Bitcoin to move towards $100,600.

Bulls Target Six-Figure BTC

From the hourly chart, BTC is consolidating inside a bull pennant after a sharp rise. This pattern suggests a temporary indecision before the next leg up. The target price is around $100,900.

BTC/USD hourly price chart. Source: TradingView

The pennant pattern formed after a sharp rise, indicating that BTC price may first pull back and then resume the upward trend. Despite the low trading volume, the structure remains intact and is supported by a strong EMA arrangement.

A breakout above the pennant's upper trendline could trigger a new upward momentum, attracting short-term traders and algorithms targeting round number breakouts.

Bitcoin's falling wedge breakout targets $102,000

The three-day chart shows that the falling wedge breakout has been completed, with the price breaking through the critical resistance area near $94,000. The expected target is $102,270.

BTC/USD three-day price chart. Source: TradingView

A falling wedge is typically a bullish reversal pattern, and BTC’s clear breakout of the upper trendline adds to the technical confidence. The price is also above the 50-3D EMA, which is a key trend signal.

The surge in volume during the breakout suggests strong buyer confidence.

The $94,000-95,000 resistance level is currently limiting Bitcoin’s upside attempts. Breaking through this level means BTC could quickly achieve its full stride toward $100,000.

Large Short Liquidations Around $100,000

Liquidation data shows that a large number of short liquidations occurred at levels around $100,000. These positions often act like magnets, pulling prices toward them as market makers seek liquidity.

BTC/USDT three-month liquidation heat map. Source: CoinGlass

If BTC continues to climb, it will put pressure on bears, who may be forced to exit, triggering a flood of buy orders.

Liquidity charts are usually pre-priced. With activity density approaching six figures, the path of least resistance in the short term appears to be upwards.

Bitcoin profitability improves after breakout

According to Glassnode, 87.3% of Bitcoin's circulating supply was in profit as of April 23, up from 82.7% in early March when BTC last traded near $94,000.

The increase suggests that a large portion of Bitcoin's supply changed hands at lower levels during the March correction, reflecting a new wave of accumulation.

BTC supply profit percentage. Source: Glassnode

Historically, when the profit supply percentage remains above 90% for a long time, the market tends to enter a euphoria phase. With profitability now approaching that threshold, bullish sentiment continues to strengthen.

Combined with a bullish chart structure and concentrated short-term liquidity, BTC still has the potential to reach $100,000 in May.