Bitcoin (BTC) price attack on all-time highs resistance resumes after Wall Street open

Bitcoin (BTC) is attracting “parabolic” price targets as bulls continue to hold six figures on May 9.

Bitcoin (BTC) is already in the sights of “parabolic” price targets as bulls continue to hold six figures.

BTC price stalls at familiar resistance

Data from Cointelegraph Markets Pro and TradingView followed the pair showing minimal signs of consolidation in the past 24 hours.

BTC/USD hit lows of $103,600 on Bitstamp on Tuesday, remaining in a clearly defined Fib level and also the same price range as January 2024. This contrasted sharply with the slow, lower timeframes.

Reacting, market participants began to return their attention to the broader Bitcoin bull market narrative.

“November 2024 monthly candle was the breakout signal on long-term charts,” popular economist Aksel Kibar told X (formerly Twitter) followers in his latest post on Tuesday.

An accompanying chart compared November 2024 to similar “breakout” events in the past, with Kibar keeping his existing $137,000 price target.

BTC is about to go parabolic.Don't bet against history. pic.twitter.com/NYJVexp0mM

But others had even higher expectations for BTC price action next. Notably, talk of “parabolic” upside returned in the course of the month.

Bitcoin is going exponential.Don't bet against history.

"The parabolic moves are now beginning in a big way. We're used to seeing fast and furious moves on lower time frames, but this is a long-term parabolic move that could propel Bitcoin to new all-time highs in the coming months."

Crypto entrepreneur and investor Jason Williams summarized as $100,000 returned.

Trader and analyst Matthew Hyland meanwhile joined those forecasting new all-time highs in Q2 in his latest video update.

Numbers like $160,000 or “other crazy numbers” could come into play if bulls stayed in control and a key leading indicator, the relative strength index (RSI), supported further upside.

“I actually do think that there is a high chance that Bitcoin will end up breaking through these highs.”

Starting to see some profits taking here, likely from a large trader. Passively selling BTC into price here & closing out longs.

In terms of current underlying flow, market remains correlated to tradfi so keep an eye on performance today into close.

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.

“Passively selling BTC into price here & closing out longs,” he explained on the day as US stock markets traded flat at the Wall Street open, something which Skew suggested might carry over into crypto.