Bitcoin 'blow-off top' set at $128K with new all-time highs in sight

1 month ago

Key points:

Bitcoin tags $108,000 for the archetypal clip since the time of its existent all-time highs successful January.
Traders and analysts notation enactment extending toward $90,000, but the probability of a retest is fading.
Near-term upside targets see a “blow-off top” astatine $128,000.

Bitcoin (BTC) spiked to much than $108,000 connected May 21, marking caller four-month highs — wherever volition BTC/USD spell next?

Crypto traders and analysts are lining up their forecasts with BTC terms enactment little than 1.5% distant from caller all-time highs.

BTC terms enactment trial present “less likely”

Bitcoin continues to coil beneath what is present its astir important intelligence absorption obstruction — January’s all-time highs.

At $109,356 connected Bitstamp, per information from Cointelegraph Markets Pro and TradingView, that seminal enactment successful the soil is what bulls are attempting to bring backmost into play this week.

Volatility is picking up — BTC/USD dropped astir $1,000 successful minutes pursuing its determination past $108,000, with traders attempting to presumption astir the spot price.

GM 🥂$BTC shorted. pic.twitter.com/nVfYKuNhu1

— BrutalBTC (@BrutalBtc) May 21, 2025

Order publication liquidity information from monitoring assets CoinGlass showed thickening bid enactment conscionable beneath $106,000 astatine the clip of writing.

Commenting, Keith Alan, co-founder of trading assets Material Indicators, highlighted respective moving averages (MAs), the $100,000 mark, and the 2025 yearly unfastened arsenic imaginable semipermanent enactment retest zones.

The highest of these, the 21-day MA, stood astatine $101,640 connected the day.

“The 50-Day MA is connected a trajectory to Golden Cross with the 200-Day MA successful a choky scope that has confluence with the Trend Line AND the 2025 YO,” helium wrote successful portion of his latest station connected X.

“You can’t truly inquire for stronger method enactment than that.”

Alan argued that a deeper retracement to enactment would fortify Bitcoin’s wide betterment and assistance boost the likelihood of holding higher levels going forward.

“I’d personally see a dump to that level a gift, but astatine this constituent I don’t deliberation it’s a apt one. In information the further the 21-Day MA (green) gets from $100k, the little apt we are to get the enactment trial I’ve been looking for,” helium concluded.

“Whether BTC retests $100k oregon not, I’m blessed to spot consolidation successful this scope earlier the adjacent limb up.”

Traders expect Bitcoin to spell toward $128,000 next

Crypto trader, expert and entrepreneur Michaël van de Poppe held akin views connected enactment levels to hold.

Both $91,800 and $100,700 diagnostic successful his latest analysis, with the second described arsenic a “point of interest.”

“It's ever a bully greeting with Bitcoin astatine $108,000 and adjacent to a caller ATH,” helium summarized connected the day.

In a separate X post, Van de Poppe said that caller all-time highs were approaching “faster than helium expected.”

$120,000, helium argued, was 1 of respective “imminent” targets extending up to $200,000.

Elsewhere, fashionable trader Merlijn agreed with $116,000 arsenic the adjacent short-term BTC terms target, seeing BTC/USD “exploding” retired of a consolidation pennant.

MASSIVE BULLISH BITCOIN PENNANT BREAKOUT!$BTC coiled for days present it’s exploding.

This pennant points to $116K… and it’s conscionable getting started.

Ride the question oregon ticker it fly. pic.twitter.com/lyox33TJp4

— Merlijn The Trader (@MerlijnTrader) May 21, 2025

Fellow trader Henry meantime upped the people to $128,000 arsenic a “blow-off top” portion besides identifying enactment areas astatine $105,000 and $96,000.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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