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Key takeaways:
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Bitcoin gained 14% since Might 5, breaking $108,000 for the primary time since January.
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Targets of $140,000 and even $200,000 are more and more mentioned for 2025.
Bitcoin (BTC) value has climbed by greater than 14% since Might 5, rallying to $107,000 on Might 21.
Information from Cointelegraph Markets Pro and TradingView exhibits that the worth of Bitcoin rose 3.6% to a four-month excessive of $108,000 on Might 21 from a low of $104,200 yesterday.
The final time BTC/USD traded above this stage was on Jan. 20, when President Donald Trump’s inauguration fueled BTC’s price rally to $109,350 all-time excessive.
Bitcoin’s value rise coincides with a marketwide rally, with the worldwide crypto market capitalization rising above $3.36 trillion for the primary time since Feb. 3.
The uptrend has left market individuals questioning how a lot greater Bitcoin costs can go earlier than a major correction.
Bitcoin value inches towards new highs
Bitcoin’s latest recovery has sparked optimism amongst market analysts and merchants, who count on BTC to blast towards new all-time highs.
Bitcoin goes to all-time highs at this time, said widespread analyst AlphaBTC in a Might 21 publish on X.
An accompanying chart confirmed Bitcoin’s value buying and selling inside an prolonged ascending parallel channel because it started its restoration on April 9.
As of Might 21, BTC’s value was buying and selling 2.5% beneath its all-time excessive of over $109,000, which was the subsequent main resistance. If this barrier is damaged, AlphaBTC anticipates $115,000 as the subsequent doubtless goal.
“It appears inevitable that $BTC takes out the ATH quickly, this grind and pop (squeeze) value motion is being pushed by greater gamers which have their targets and know what it takes to make use of the bears shorting each pop to maneuver the worth greater.”
“Bitcoin goes to an all-time excessive sooner than I anticipated,” said MN Capital founder Michael van de Poppe in a Might 20 publish on X.
In keeping with van de Poppe, BTC value may rise as excessive as $200,000 “as a result of an increasing number of persons are executed with the fixed devaluation of the greenback.”
Fellow analyst Mags said the worth was getting into its “greatest bull run ever,” projecting a potential high round $215,000 based mostly on Bitcoin’s four-year halving cycle.
In the meantime, community economist Timothy Peterson used statistical evaluation to assume a trip to at least $115,000 by the tip of June, setting a potential high underneath $130,000.
Associated: Bitcoin ‘blow-off top’ set at $128K with new all-time highs in sight
BTC rounded backside sample targets $140K
From a technical perspective, Bitcoin’s value has shaped a rounded backside chart sample on the each day chart (see beneath). Bulls at the moment are centered on pushing the worth above the neckline of the prevailing chart sample at $106,000.
A each day candlestick shut above this stage would verify a bullish breakout from the rounded backside formation, ushering BTC into price discovery with the technical goal set at $140,956, or a 37% improve from the present stage.
The relative strength index, or RSI, is at 69, suggesting there may be nonetheless room to run, significantly with an impending golden cross.
As Cointelegraph reported, a transfer to new all-time highs above $110,000 is feasible by the tip of this week, backed by BTC accumulation throughout all holder cohorts.
This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer includes danger, and readers ought to conduct their very own analysis when making a call.