Bitcoin is back in the spotlight—and not just for brushing up against its all-time high. The world’s leading cryptocurrency surged past $108,000 on May 21, bringing it within striking distance—just 1.5%—of its previous record set in January. But if market sentiment and trader forecasts are any indication, this rally could just be warming up.
Crypto investors are now looking beyond simple price recovery. For many, the real question is how high Bitcoin can climb in the current cycle. Analysts and seasoned traders are beginning to float some serious numbers, with $116,000, $120,000, and even a speculative “blow-off top” at $128,000 being thrown into the mix.
Momentum Gathers as Key Resistance Nears
According to data from CoinGecko and TradingView, BTC/USD touched $108,000 for the first time in four months. This level isn’t just another price milestone—it’s psychological resistance, a point where bullish momentum is either validated or stopped in its tracks. As of Tuesday, the rally has been resilient, showing sharp intraday volatility but holding near the highs.
Order book data from CoinGlass shows strong buyer interest consolidating just below $106,000. Meanwhile, trading volumes are rising, and liquidation events are on the uptick—indicators that traders are making bold plays. The market appears to be heating up, but not yet overheating.
Keith Alan, co-founder of Material Indicators, highlighted several technical zones that could serve as long-term support. These include the 21-day and 50-day moving averages and the 2025 yearly open. He pointed out that the 50-day moving average is on course to “Golden Cross” with the 200-day MA, often considered a bullish signal. According to Alan, this confluence creates some of the strongest technical support levels seen in months.
“I’d personally consider a pullback to $100K a gift,” Alan posted on X, formerly Twitter. “But every day BTC holds above it, the odds of that retest shrink. Consolidation in this range is a healthy sign before the next leg up.”
The Next Price Targets: $116K and Beyond
Popular trader Michaël van de Poppe echoed similar sentiments. In his view, the range between $91,800 and $100,700 will be key to watch if the market pulls back. However, he also signaled that Bitcoin appears to be accelerating toward a breakout more quickly than expected.
“It’s always a good morning when Bitcoin is back at $108,000 and knocking on the door of new all-time highs,” van de Poppe wrote.
He mentioned $120,000 as an “imminent” milestone, with long-term targets stretching as high as $200,000. Other analysts have been equally bullish: trader Merlijn is calling for a move to $116,000, and Henry, another well-followed voice in the crypto community, envisions a peak near $128,000.
Henry described the $128K level as a possible “blow-off top”—a term often used to describe the euphoric final surge of a bull market before a steep correction. He also marked $105,000 and $96,000 as important support levels should Bitcoin falter.
What’s Next for Bitcoin?
Bitcoin’s explosive rebound from its April low below $75,000 has been nothing short of remarkable. The cooling of global trade tensions, especially from President Trump’s rollback on tariffs, has breathed new life into risk-on assets like crypto.
With bullish momentum intensifying and all-time highs nearly within reach, the crypto community is watching closely. Whether the market takes a brief pause or storms through resistance, one thing is clear: the next few weeks could define the trajectory of Bitcoin for the rest of 2025.
For now, traders and holders alike are holding their breath—and holding their Bitcoin.
