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

Key points: Bitcoin tags $108,000 for the first time since the day of its current all-time highs in January. Traders and analysts mention support extending toward $90,000, but the probability of a retest is fading. Near-term upside targets include a “blow-off top” at $128,000. Bitcoin ( BTC ) spiked to more than $108,000 on May 21, marking new four-month highs — where will BTC/USD go next? Crypto traders and analysts are lining up their forecasts with BTC price action less than 1.5% away from new all-time highs. BTC price support test now “less likely” Bitcoin continues to coil below what is now its most significant psychological resistance barrier — January’s all-time highs . BTC/USD 1-day chart. Source: Cointelegraph/TradingView At $109,356 on Bitstamp, per data from Cointelegraph Markets Pro and TradingView , that seminal line in the sand is what bulls are attempting to bring back into play this week. Volatility is picking up — BTC/USD dropped almost $1,000 in minutes following its move past $108,000, with traders attempting to position around the spot price. GM 🥂 $BTC shorted. pic.twitter.com/nVfYKuNhu1 — BrutalBTC (@BrutalBtc) May 21, 2025 Order book liquidity data from monitoring resource CoinGlass showed thickening bid support just below $106,000 at the time of writing. BTC liquidation heatmap (screenshot). Source: CoinGlass Commenting, Keith Alan, co-founder of trading resource Material Indicators, highlighted several moving averages (MAs), the $100,000 mark, and the 2025 yearly open as potential long-term support retest zones. The highest of these, 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 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 support would strengthen Bitcoin’s overall recovery and help boost the odds of holding higher levels going forward. “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.” BTC/USD 1-day chart. Source: Keith Alan/X Traders expect Bitcoin to go toward $128,000 next Crypto trader, analyst and entrepreneur Michaël van de Poppe held similar views on support levels to hold. Related: Sorry bears — Bitcoin analysis dismisses $107K BTC price double top Both $91,800 and $100,700 feature in his latest analysis, 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. BTC/USDT 12-hour chart with RSI data. Source: Michaël van de Poppe/X In a separate X post , Van de Poppe said that new all-time highs were approaching “faster than he expected.” $120,000, he argued, was one of several “imminent” targets extending up to $200,000. Elsewhere, popular trader Merlijn agreed with $116,000 as the next short-term BTC price target , seeing BTC/USD “exploding” out of a consolidation pennant. MASSIVE BULLISH BITCOIN PENNANT BREAKOUT! $BTC coiled for days now it’s exploding. This pennant points to $116K… and it’s just getting started. Ride the wave or watch it fly. pic.twitter.com/lyox33TJp4 — Merlijn The Trader (@MerlijnTrader) May 21, 2025 Fellow trader Henry meanwhile upped the target to $128,000 as a “blow-off top” while also identifying support areas at $105,000 and $96,000. BTC/USD 1-day chart. Source: Henry/X 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.

Source: CoinTelegraph