Key takeaways:
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Bitcoin gained 14% since May 5, breaking $108,000 for the first time since January.
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Targets of $140,000 and even $200,000 are increasingly discussed for 2025.
Bitcoin (BTC) price has climbed by more than 14% since May 5, rallying to $107,000 on May 21.
Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin rose 3.6% to a four-month high of $108,000 on May 21 from a low of $104,200 the previous day.
The last time BTC/USD traded above this level was on Jan. 20, when President Donald Trump’s inauguration fueled BTC’s price rally to $109,350 all-time high.
Bitcoin’s price rise coincides with a marketwide rally, with the global crypto market capitalization rising above $3.36 trillion for the first time since Feb. 3.
The uptrend has left market participants wondering how much higher Bitcoin prices can go before a significant correction.
Bitcoin price inches toward new highs
Bitcoin’s latest recovery has sparked optimism among market analysts and traders, who expect BTC to blast toward new all-time highs.
Bitcoin is going to all-time highs today, said popular analyst AlphaBTC in a May 21 post on X.
An accompanying chart showed Bitcoin’s price trading within an extended ascending parallel channel since it began its recovery on April 9.
As of May 21, BTC’s price was trading 2.5% below its all-time high of over $109,000, which was the next major resistance. If this barrier is broken, AlphaBTC anticipates $115,000 as the next likely target.
“It seems inevitable that $BTC takes out the ATH soon, this grind and pop (squeeze) price action is being driven by bigger players that have their targets and know what it takes to use the bears shorting every pop to move the price higher.”
“Bitcoin is going to an all-time high faster than I expected,” said MN Capital founder Michael van de Poppe in a May 20 post on X.
According to van de Poppe, BTC price could rise as high as $200,000 “because more and more people are done with the constant devaluation of the dollar.”
Fellow analyst Mags said the price was entering its “biggest bull run ever,” projecting a possible top around $215,000 based on Bitcoin’s four-year halving cycle.
Meanwhile, network economist Timothy Peterson used statistical analysis to assume a trip to at least $115,000 by the end of June, setting a possible top under $130,000.
Related: Bitcoin ‘blow-off top’ set at $128K with new all-time highs in sight
BTC rounded bottom pattern targets $140K
From a technical perspective, Bitcoin’s price has formed a rounded bottom chart pattern on the daily chart (see below). Bulls are now focused on pushing the price above the neckline of the prevailing chart pattern at $106,000.
A daily candlestick close above this level would confirm a bullish breakout from the rounded bottom formation, ushering BTC into price discovery with the technical target set at $140,956, or a 37% increase from the current level.
The relative strength index, or RSI, is at 69, suggesting there is still room to run, particularly with an impending golden cross.
As Cointelegraph reported, a move to new all-time highs above $110,000 is possible by the end of this week, backed by BTC accumulation across all holder cohorts.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
