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 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 .

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

$120,000, he said, was one of several “imminent” targets extending up to $200,000.

Elsewhere, 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 upped the target to $128,000 as a “blow-off top” while 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.