Bitcoin traders are buzzing with anticipation as the cryptocurrency teeters on the brink of a potential breakout, possibly soaring to unprecedented heights. On May 18, Bitcoin’s price action suggested a brewing storm, with traders setting their sights on an ambitious target of $116,000 as early as next week. This bold forecast comes amid a period of reduced volatility, as BTC/USD hovers around the $103,000 mark, showing little movement as the week closes.
Brewing Breakout Signals
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin’s current position seems like a coiled spring, ready to launch. Monitoring tools like CoinGlass confirm that the $103,000 and $105,000 levels have become focal points, acting as magnets for the cryptocurrency’s price. Alan, a well-known trader, succinctly captured the mood, predicting the next target of $116,000 and highlighting the lack of volatility as a precursor to a potential breakout. As explored in our recent coverage of Bitcoin Traders Eye Breakout to New Highs, the anticipation is further fueled by geopolitical developments such as tariff deals.
“Bitcoin is brewing within this converging triangle with decreasing volume,” Alan noted, referencing a common indicator of an impending breakout. Fellow analyst Mikybull Crypto echoed this sentiment, describing the market structure as an “intraday diamond pattern breakout,” which could further fuel the bullish momentum.
Market Dynamics and Investor Sentiment
The current market dynamics reveal a fascinating interplay of factors pushing Bitcoin towards six-figure valuations. Notably, Daan Crypto Trades pointed out the consistent Coinbase spot premium, emphasizing the robust demand from U.S. buyers. “This is good and shows there’s solid demand,” Daan observed, underscoring the investor enthusiasm that appears to be driving Bitcoin’s resurgence.
However, not all analysts are entirely convinced of an uninterrupted upward trajectory. Some market watchers, like CrypNuevo, express caution, suggesting that a temporary pullback might precede any substantial gains. “Slow week and Bitcoin hasn’t been able to break resistance so far,” CrypNuevo mentioned, pointing to the persistent challenge of overcoming existing market barriers.
Historical Context and Future Projections
Bitcoin’s current flirtation with record highs comes after a tumultuous few months. In April 2025, BTC/USD managed to claw back from multimonth lows near $75,000, driven by a relief bounce that many now see as a foundational step towards future gains. Yet, as Daan Crypto Trades highlights, Bitcoin has struggled to outperform stocks, especially in the wake of geopolitical developments, such as the U.S. reaching a “deal” with China.
The cryptocurrency’s relationship with traditional markets raises intriguing questions about its role as a safe haven asset. “BTC has turned into this asset which gets interesting for investors when outflows and uncertainty happen elsewhere,” Daan noted, pondering whether Bitcoin can continue to attract interest in times of broader market volatility. For further insights into the market’s anticipation, see Crypto Daybook Americas: All Eyes on Jobs, Fed as Bitcoin Prepares for Breakout Rally.
Looking Ahead: Will Bitcoin Hit $116K?
As the new week unfolds, the cryptocurrency world watches with bated breath, speculating whether Bitcoin will indeed breach the $116,000 threshold. While some traders are gearing up for a dramatic price surge, the path forward is far from guaranteed. Skepticism remains about whether Bitcoin can overcome its current resistance levels and sustain its upward momentum.
In the coming weeks, all eyes will be on Bitcoin’s next moves. Whether it ascends to new heights or faces another round of consolidation, one thing is clear: Bitcoin continues to captivate investors, offering both potential rewards and risks. As always, those involved in the crypto space are reminded to conduct thorough research and approach trading decisions with caution, acknowledging the inherent volatility and unpredictability of the market.
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This article is based on: BTC price to $116K next? Bitcoin trader sees 'early week' all-time high
Further Reading
Deepen your understanding with these related articles:
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- Bitcoin Surges Past $94,000 as Institutional Interest and Market Optimism Grow
- Bitcoin Surpasses $95K Amid Resilient U.S. Stocks, Analysts Voice Concerns Over Market Perception (openai)
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.
