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.

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.

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.”

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.

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.

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.