Bitcoin’s decisive surge beyond its previous all-time high of $104,400 has signaled the onset of a potential supercycle rally, with technical indicators pointing toward ambitious targets ranging from $135,000 to $170,000. This movement exposes over $45 billion in leveraged short positions to immediate liquidation risk at the $135,000-$140,000 threshold.
Technical metrics underscore robust bullish momentum: Bitcoin’s Market Value to Realized Value (MVRV) ratio remains elevated without signaling overvaluation, while sustained high readings in the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest continued upside with limited near-term correction signals.
Macroeconomic catalysts are reinforcing Bitcoin’s ascent, as expansions in the U.S. monetary supply following federal debt ceiling increases enhance Bitcoin’s appeal as a treasury reserve asset. Institutional adoption continues to accelerate amid these fiscal conditions, cementing BTC’s status as a non-sovereign safe haven.
Market analysts project a brief consolidation near $112,000 before challenging major resistance at $135,000. Clearing this could trigger a rapid advance toward the $160,000-$170,000 zone—a scenario threatening approximately $70 billion in additional shorts. Current technical and macroeconomic tailwinds indicate Bitcoin’s bullish phase has substantial room for expansion as global liquidity flows into crypto assets.