Bitcoin has once again captured the spotlight, soaring to an unprecedented all-time high of $109,458 on Binance on May 21. This rally is more than just a fleeting surge — it marks the seventh consecutive week of green candles, a powerful indication of the underlying bullish momentum that’s been building steadily since Bitcoin bounced off a swing low near $74,500 earlier this year.
If Bitcoin manages to close this current weekly candle above $106,500 by May 25, it would set a new record for the longest streak of consecutive weekly gains since October 2023, highlighting the rare strength of this market cycle. Alongside this price milestone, Bitcoin’s overall market capitalization climbed to a staggering $2.17 trillion, with its realized cap—a measure of the total value of coins at the price they last moved—hitting $911.5 billion, data from analytics firm Glassnode shows.
What’s Next? Bullish Targets and Technical Signals
The bullish sentiment in the market is not just hype; it’s backed by technical analysis from several well-known traders. One prominent voice, crypto trader Titan of Crypto, believes that Bitcoin’s journey upwards is far from over. Utilizing the Fibonacci extension tool—a popular method that projects future price targets based on previous price swings—Titan identifies a potential range between $135,000 and $140,000 for Bitcoin in 2025. This aligns with the 1.618 Fibonacci level drawn from recent price action, suggesting a realistic next step in Bitcoin’s climb.
Veteran trader Peter Brandt, while acknowledging the excitement around the new peak, urges caution and perspective. Brandt reminds the community that hitting new all-time highs is essentially what bull markets do — they push prices to new records regularly. He speculates Bitcoin could continue to rise toward $125,000 to $150,000 by the end of August but underscores that these levels should be seen as part of the natural ebbs and flows of a bull market, not a guarantee of endless upward momentum.
Taking things a step further, technical analyst Gert van Lagen presents an even more ambitious outlook. He points to Bitcoin’s breakout from a four-year-long “Megaphone Pattern,” a chart formation characterized by widening price swings and increasing volatility. According to van Lagen, this breakout signals the potential for a sharp and sustained upward trend, possibly driving Bitcoin’s price all the way to between $300,000 and $320,000.
Using Elliott Wave Theory, a method that maps market cycles and investor psychology, van Lagen identifies that Bitcoin may be riding the final Wave 5 of an impulse cycle—often the most explosive phase in a bull market—supporting a possible 170% to 190% rally from current levels.
A Word of Caution Amidst Growing Optimism
Despite these bullish signals, industry experts are sounding a note of caution. João Wedson, CEO of analytics firm Alphractal, highlights that Bitcoin’s price heatmaps reveal the market is approaching areas of high leverage. These zones often attract sharp liquidations, as market makers and large traders capitalize on overly confident retail investors who may be exposed to riskier positions.
Wedson warns that the general public’s growing fixation on new all-time highs can create “traps” for both bullish and bearish traders, as markets often experience volatile swings and corrections after reaching such psychological milestones. His advice to anyone participating in the Bitcoin market is simple but vital: maintain disciplined risk management and avoid getting swept up in the hype.
Final Thoughts
Bitcoin’s recent rally has certainly captured investor enthusiasm, with technical indicators and market sentiment pointing toward further upside potential. Yet, as history has repeatedly shown, cryptocurrencies can be as unpredictable as they are lucrative. The current bullish momentum could propel Bitcoin to unprecedented heights in the coming months, but those looking to enter or expand their positions should do so with eyes wide open and a firm risk strategy in place.
Whether Bitcoin ultimately surges toward six figures or beyond, the path forward is likely to be filled with both opportunity and volatility—a true hallmark of this exciting digital asset’s evolving journey.
