The Bitcoin price has hit $100k for the first time since February, trading at $101.3k at press time.

BTC's strong correlation with the Global M2 money supply is playing out once again, with the largest cryptocurrency now poised for new all-time highs.

Bitcoin (BTC) price is seen testing the $100,000 mark once again after a seven-week decline. At press time, BTC is trading at $101,300.

Bitcoin’s strong correlation with the Global M2 money supply is playing out once again, with the largest cryptocurrency now poised for new all-time highs.

Bitcoin’s bullish strength has provided a significant boost to the altcoin market, with the Ethereum price reclaiming the $2000 mark. Brett, Virtuals Protocol and Pepe are among the top performers, each up by 30% on the day.

Bitcoin price predictions from prominent analysts indicate that BTC’s bull run is just getting started, with a high likelihood of a new all-time high in May and $150k in the second quarter.

Bitcoin Price Prediction — How High Can It Go?

After successfully defending the $93,500 support earlier this week, Bitcoin is showing remarkable bullish strength to surge past the $100k mark. It is now up by 35% from its April 7th bottom.

All eyes are now on whether the Bitcoin price will secure a bullish continuation or will it retest the support levels below it.

Bitcoin’s next significant resistance lies in the $104k to $106k range. While it could see a rejection here and retest the $99k or the $94.5k support levels, the risk-reward ratio certainly favours the bulls.

For instance, Bitcoin price prediction from prominent analyst Nebraskangooner indicates a high probability of a rally to $120k in the short term, especially if BTC manages to reclaim its 0.786 Fibonacci level at $102,403.

Cobra Trader has used Andrew’s Pitchfork and Elliot Wave analysis, two popular trading tools, to determine a mid-term Bitcoin price target of $182,000. Notably, Cobra’s Pitchform analysis has been remarkably accurate in recent months, despite BTC’s choppy price action.

A growing number of analysts and crypto thought leaders are now predicting that Bitcoin could reach $500k in this cycle. Among the latest to join this optimistic outlook are Binance’s former CEO Changpeng “CZ” Zhao and BitMEX’s Arthur Hayes.

Analyst Kaleo believes that the $500k price target isn’t as outlandish as it appears at first glance, especially if BTC continues to outpace Gold, as it has over the past bull markets.

Analysts believe that Gold is headed towards a $50 trillion market cap. If Bitcoin simply performs in step with it, it could see an appreciation to the $250k price mark.

Therefore, despite the possibility of a short-term correction, sidelined investors should increase their exposure to Bitcoin at current prices without much thought.

Even the most conservative target for this BTC bull run appears to be $150k, which has been indicated by the soaring Global M2 money supply and its strong correlation with Bitcoin.

BTC Bull Meme Coin In High Demand With Its Promise of Free Bitcoin

With BTC’s bullish strength, there is a growing demand for free Bitcoin.

Unsurprisingly, a new meme coin, BTC Bull (BTCBULL), which promises free BTC airdrops to all its holders, is surging in demand, raising nearly $6 million in its ICO.

The project is designed for Bitcoin bulls who believe in its long-term growth potential. The likes of MicroStrategy’s Michael Saylor and BlackRock’s Larry Fink fall under this category. BTC Bull simply offers alternative revenue sources to such investors, allowing them to benefit from Bitcoin’s forward march in more than one way.

BTCBULL holders will receive free Bitcoin when the BTC price hits certain set milestones, with the first such airdrop triggered at $150k. Before that, they will benefit from token burn events at $125k. There is also a massive BTCBULL airdrop planned for when the Bitcoin price hits $250k.

Meanwhile, early presale buyers are already earning substantial staking income, currently at a reward rate of over 70% per annum.

Owing to its unique concept and small market cap, prominent analysts are bullish on BTC Bull’s high upside potential, with many calling it the next 100x crypto.

News data source: kdj.com

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