Key points:
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Bitcoin continues to attack a key resistance zone below all-time highs.
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“Parabolic” BTC price talk begins to resurface as bulls hold six figures after the Wall Street open.
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Signs of profit-taking are increasing amid the highest prices since January.
Bitcoin (BTC) is attracting “parabolic” price targets as bulls continue to hold six figures on May 9.
BTC price in line for “crazy numbers”
Data from Cointelegraph Markets Pro and TradingView shows barely any consolidation taking place on BTC/USD over the past 24 hours.
The pair hit $104,332 on Bitstamp, marking its highest since the end of January and a clear departure from the slow downtrend in place for much of 2025.
Reacting, market participants have begun to restore their faith in the broader Bitcoin bull market.
“November 2024 monthly candle was the breakout signal on long-term charts,” popular economist Aksel Kibar told X followers in his latest post.
An accompanying chart compares November 2024 to similar “breakout” events in the past, with Kibar reiterating his existing $137,000 target.
Others, however, have far loftier expectations for BTC price action next. In particular, talk of “parabolic” upside has returned this month.
Bitcoin is about to go parabolic.
Don’t bet against history. pic.twitter.com/NYJVexp0mM
— Mister Crypto (@misterrcrypto) May 1, 2025
“Bitcoin is going exponential,” crypto entrepreneur and investor Jason Williams summarized as $100,000 returned.
Trader and analyst Matthew Hyland joined those forecasting new all-time highs in Q2 in his latest video update.
$160,000 or other “crazy numbers,” he said, could come into play if bulls stay in control and a key leading indicator, the relative strength index (RSI), supports further upside.
“I actually do think that there is a high chance that Bitcoin will end up breaking through these highs,” he concluded.
#BTC & #ETH Update: pic.twitter.com/ovRS9pN0aj
— Matthew Hyland (@MatthewHyland_) May 9, 2025
Bitcoin halts progress at stubborn resistance
On shorter timeframes, popular trader Skew sounded the alarm over profit-taking being in full swing at $103,000, itself a key long-term resistance zone.
Related: Bitcoin eyes sub-$100K liquidity — Watch these BTC price levels next
“Starting to see some profits taking here, likely from a large trader. Passively selling BTC into price here & closing out longs,” he explained on the day.
“Logically makes sense given BTC is trading around HTF Supply & Resistance $103K – $104K.”
US stock markets were flat at the Wall Street open, with Skew suggesting their behavior may spill over into crypto.
“In terms of current underlying flow, market remains correlated to tradfi so keep an eye on performance today into close,” he added.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
