The cryptocurrency market has seen a significant surge in market capitalization, surpassing $3 trillion at the start of the month. This bullish momentum has been accompanied by a rise in trading volume, indicating increased interest from buyers. Bitcoin, the leading cryptocurrency, has climbed above $97,000 and is showing signs of recovery, boosting optimism among investors.
Currently, Bitcoin is just 14% away from its all-time high of over $109,000. The shift in market sentiment has bolstered confidence in the market, with trading volume surpassing $30 billion. Bitcoin continues to dominate the market, attracting more than half of the trading volume. With Bitcoin’s dominance reaching a 4-year high, analysts are predicting a strong bull run in the near future.
The BTC dominance chart is on track to reach previous highs above 70%, reminiscent of the bull runs in 2018 and 2021. This suggests that Bitcoin is in the midst of a bull run that could extend into 2025. Analysts anticipate that Bitcoin will maintain an upward trend throughout May 2025 and potentially surpass $100,000.
In terms of short-term price predictions, Bitcoin may face some bearish pressure, potentially dropping below $96,000. However, analysts believe this will be a temporary setback, with the potential for Bitcoin to reach $110,000 by the end of the month.
Technical analysis of Bitcoin’s weekly price action shows strong bullish momentum, with sentiment turning positive after a rebound from support levels. The Chaikin Money Flow (CMF) indicator suggests a rise in bearish strength, while the Bull Market Support Band (BMSB) is on the verge of a bullish crossover, signaling a potential uptrend.
Overall, Bitcoin’s price is expected to surpass $100,000 in the coming days and reach $105,000 by the end of the month. Investors are optimistic about the future of Bitcoin and the broader cryptocurrency market as bullish momentum continues to build.