Bitcoin’s remarkable ascent continues as it breaches the $108,000 mark on May 21, 2025, setting the stage for potential new all-time highs. Traders are abuzz with speculation about where BTC/USD might head next, as the cryptocurrency edges closer to the record highs set earlier this year.
A Looming Blow-Off Top?
The crypto market is swirling with chatter about a possible “blow-off top” at $128,000. This term, often used to describe a rapid price surge followed by a sharp reversal, has traders on edge. Keith Alan, co-founder of Material Indicators, explains that Bitcoin’s current trajectory is bolstered by strong technical support. “The 50-Day MA is on a trajectory to Golden Cross with the 200-Day MA,” Alan notes. This convergence, coupled with the 2025 yearly open, adds a layer of resilience to Bitcoin’s price action.
Despite the bullish momentum, Alan remains cautious about a potential retracement. “A deeper pullback to support would actually strengthen Bitcoin’s recovery,” he argues, suggesting that a dip below $100,000 might be a “gift” for long-term holders. Yet, he concedes, the likelihood of such a drop is diminishing as Bitcoin consolidates around these higher levels. This follows a pattern of institutional adoption, which we detailed in Bitcoin Surges Past $94,000 as Institutional Interest and Market Optimism Grow.
Traders Set Their Sights on New Heights
The excitement doesn’t stop there. Michaël van de Poppe, a prominent trader and analyst, echoes the sentiment that Bitcoin is on the cusp of new all-time highs. He points to $120,000 as one of several imminent targets, potentially extending as high as $200,000. “It’s always a good morning with Bitcoin at $108,000 and close to a new ATH,” van de Poppe quips, underscoring the palpable optimism in the market.
Meanwhile, Merlijn, another trader, sees Bitcoin “exploding” out of a consolidation pattern, aiming for $116,000 in the short term. His confidence is shared by fellow trader Henry, who identifies $128,000 as the likely “blow-off top,” with support areas around $105,000 and $96,000. This optimism mirrors recent market sentiments as Bitcoin jumped above $97K amid hopes of a U.S.-China Trade Deal.
Market Dynamics and Future Prospects
The current market scenario presents a fascinating blend of anticipation and caution. While traders are eager to ride the wave to unprecedented heights, the potential for volatility looms large. Bitcoin’s swift climb past $108,000 has already seen sharp fluctuations, with a nearly $1,000 drop within minutes—an indication of the market’s inherent unpredictability.
Keith Alan’s observations about liquidity data reinforce this narrative. Monitoring resources like CoinGlass show thickening bid support just below $106,000, hinting at a robust safety net should the price wobble. “Whether BTC retests $100k or not, I’m happy to see consolidation in this range before the next leg up,” Alan concludes, emphasizing a preference for stability amidst the climb.
Looking Ahead: New Peaks or Plateau?
As Bitcoin hovers tantalizingly close to its January highs, the market remains a hive of speculation and strategic maneuvering. Will Bitcoin soar to new heights, or will it buckle under the weight of its rapid ascent? The coming weeks will be telling, as traders and analysts watch closely for signs of either a meteoric rise or a potential correction.
With targets ranging from $116,000 to as high as $200,000, the path forward is anything but certain. Yet, for those entrenched in the world of cryptocurrency, uncertainty is part and parcel of the journey—a journey that promises excitement, risk, and, perhaps, a new all-time high.
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This article is based on: Bitcoin 'blow-off top' set at $128K with new all-time highs in sight
Further Reading
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- Bitcoin Traders Brace for ‘Sell in May and Go Away’ as Seasonality Favors Bears
- Bitcoin Traders’ Favorite Lottery Ticket for the First Half of the Year — The $300K BTC Call
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.
