Bitcoin’s surge to $105,980 has ignited a wildfire across the cryptocurrency market, setting the stage for potential new all-time highs. Traders and analysts are abuzz with speculation, with some lifting year-end Bitcoin price targets to a staggering $200,000, driven by a mix of technical indicators and burgeoning institutional demand.
Bitcoin’s Meteoric Rise
Bitcoin has been navigating through a tight trading range recently, but its rally past $105,500 on May 18 has injected fresh optimism into the market. Alan, a well-known trader, shared his bullish outlook on X, predicting a climb to $116,000 as early as next week. His sentiments echo those of Matt Hougan, Bitwise’s Chief Investment Officer, who foresees a supply shock fueled by institutional interest pushing Bitcoin to the extraordinary $200,000 mark by the end of 2025. “We are witnessing a pivotal moment,” Hougan told Cointelegraph, citing anticipated seller exhaustion at the $100,000 level as a critical factor. This surge follows a recent trend of increasing institutional interest, as detailed in Bitcoin Surges Past $94,000 as Institutional Interest and Market Optimism Grow.
Not everyone is solely focused on Bitcoin, however. A noticeable shift is occurring among some analysts who are turning their gaze toward altcoins, predicting an imminent altcoin season. Crypto analyst Javon Marks recently commented that altcoins, with the exception of Ether (ETH), might be on the brink of their most significant rally since 2017.
Altcoin Anticipation
Ether’s recent dip below $2,550 has not deterred bullish sentiment. Despite the pullback, the bulls are maintaining their ground, suggesting that the path of least resistance remains upward. Should ETH close above $2,550, it could potentially rise to $3,000. However, a drop below $2,400 might indicate waning bullish control, prompting a closer watch on the 20-day EMA as a key support level.
Meanwhile, Hyperliquid (HYPE), facing stiff resistance at $28.50, shows resilience, with buyers not willing to concede ground easily. A successful breach of this level could propel HYPE to $35.73, though a sharp downturn might see it retreat to $23.52, a level likely to attract fresh buying interest.
Monero (XMR), on the other hand, has demonstrated impressive upward momentum, catapulting from $262 to $353 within days. If this momentum persists and XMR breaks through the $353 ceiling, it could skyrocket to $422. However, a break below the $331 support might signal a deeper correction, testing the 20-day EMA at $308.
Aave’s Ascent
Aave (AAVE) is another token to watch, encountering resistance at $240. Bulls remain undeterred, however, buying up any minor dips with an eye on a potential rally to $280 and beyond. Sellers will need to pull the price below the 20-day EMA ($206) to halt Aave’s ascent and push it back to the critical $196 support.
The crypto market is undoubtedly in a state of flux, as the pressure mounts on both sides of the trading spectrum. Bitcoin’s recent breakout has not only invigorated its own trajectory but also cast a hopeful light on several altcoins, each with its own set of bullish prospects and challenges. As the market navigates these turbulent waters, the question remains—can this bullish momentum be sustained, or will the bears stage a comeback? Only time will tell. For further insights into market optimism, see Bitcoin Jumps Above $97K as Traders Optimistic U.S.-China Trade Deal Possible.
Source
This article is based on: Bitcoin impulse move toward new highs sets a fire under HYPE, ETH, XMR and AAVE
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
