Bitcoin ‘blow-off high’ set at $128K with new all-time highs in sight

Key factors:

• Bitcoin tags $108,000 for the primary time for the reason that day of its present all-time highs in January.

• Traders and analysts point out help extending towards $90,000, however the likelihood of a retest is fading.

• Near-term upside targets embrace a “blow-off top” at $128,000.

Bitcoin (BTC) spiked to greater than $108,000 on May 21, marking new four-month highs — the place will BTC/USD go subsequent?

Crypto merchants and analysts are lining up their forecasts with BTC value motion lower than 1.5% away from new all-time highs.

BTC value help take a look at now “less likely”

Bitcoin continues to coil beneath what’s now its most vital psychological resistance barrier — January’s all-time highs.

At $109,356 on Bitstamp, per knowledge from Cointelegraph Markets Pro and TradingView, that seminal line within the sand is what bulls try to deliver again into play this week.

Volatility is choosing up — BTC/USD dropped nearly $1,000 in minutes following its transfer previous $108,000, with merchants making an attempt to place across the spot value.

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

— BrutalBTC (@BrutalBtc) May 21, 2025

Order e-book liquidity knowledge from monitoring useful resource CoinGlass confirmed thickening bid help slightly below $106,000 on the time of writing.

Commenting, Keith Alan, co-founder of buying and selling useful resource Material Indicators, highlighted a number of transferring averages (MAs), the $100,000 mark, and the 2025 yearly open as potential long-term help retest zones.

The highest of those, the 21-day MA, stood at $101,640 on the day.

“The 50-Day MA is on a trajectory to Golden Cross with the 200-Day MA in a tight range that has confluence with the Trend Line AND the 2025 YO,” he wrote in a part of his latest post on X. 

“You can’t really ask for stronger technical support than that.”

Alan argued {that a} deeper retracement to help would strengthen Bitcoin’s total restoration and assist increase the chances of holding larger ranges going ahead.

“I’d personally consider a dump to that level a gift, but at this point I don’t think it’s a likely one. In fact the further the 21-Day MA (green) gets from $100k, the less likely we are to get the support test I’ve been looking for,” he concluded. 

“Whether BTC retests $100k or not, I’m happy to see consolidation in this range before the next leg up.”

Traders anticipate Bitcoin to go towards $128,000 subsequent

Crypto dealer, analyst and entrepreneur Michaël van de Poppe held related views on help ranges to carry.

Related: Sorry bears — Bitcoin evaluation dismisses $107K BTC value double high

Both $91,800 and $100,700 characteristic in his newest evaluation, with the latter described as a “point of interest.”

“It’s always a good morning with Bitcoin at $108,000 and close to a new ATH,” he summarized on the day.

In a separate X post, Van de Poppe mentioned that new all-time highs have been approaching “faster than he expected.”

$120,000, he argued, was one in every of a number of “imminent” targets extending as much as $200,000.

Elsewhere, widespread dealer Merlijn agreed with $116,000 as the following short-term BTC value goal, seeing BTC/USD “exploding” out of a consolidation pennant. 

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

This pennant factors to $116K… and it’s simply getting began.

Ride the wave or watch it fly. pic.twitter.com/lyox33TJp4

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

Fellow dealer Henry in the meantime upped the goal to $128,000 as a “blow-off top” whereas additionally figuring out help areas at $105,000 and $96,000.

This article doesn’t include funding recommendation or suggestions. Every funding and buying and selling transfer entails danger, and readers ought to conduct their very own analysis when making a call.