Bitcoin reaches a new all-time high amid strong weekly momentum with price targets as high as $320,000, but caution is urged.
Bitcoin BTC $111,251 hit a new all-time high of $109,458 on Binance on May 21, marking seven consecutive green weekly candles in a row since the price bounced from its swing low of $74,500.
If Bitcoin closes the current weekly candle above $106,500 on May 25, it will mark its longest streak of consecutive green weekly closes since October 2023.
Alongside a new all-time high, Bitcoin’s market cap and realized cap also achieved new highs of $2.17 trillion and $911.5 billion, as noted by Glassnode.
Bitcoin bulls target higher prices above $110K
With bullish momentum on BTC’s side, crypto trader Titan of Crypto noted that a Bitcoin price target for $135,000 remains in “play” for 2025. Tracking its returns with respect to key high time frame resistance and support levels over the past two years, the forecast uses the Fibonacci extension tool, which identifies price targets by measuring previous price swings.
On the chart, the 1.618 Fibonacci level, drawn to a swing high from a swing low, aligns at $135,000–$140,000, identifying a potential target.
Veteran trader Peter Brandt acknowledged BTC’s new high but pointed out that such milestones are “not technically significant” during bull markets. The trader said,
“Bull markets make ATHs all the time. It is the definition of a bull market. On track maybe for top of $125,000 to $150,000 by end of August????”
In comparison, technical analyst Gert van Lagen set a much higher price level between $300,000 and $320,000. In a recent X post, van Lagen pointed to Bitcoin’s breakout from a 4-year bullish Megaphone Pattern, marked by diverging trendlines with higher highs and lower lows, signaling a potential sharp uptrend after breaking the upper resistance.
Using Elliott Wave Theory, the analyst noted that BTC is in the final Wave 5 of an impulse cycle, supporting the bullish case for another 170% to 190% Bitcoin rally.
While the markets edge toward euphoria, Alphractal CEO João Wedson recommended caution and patience for investors. The analyst noted that BTC heatmaps reveal price movement toward high-leverage zones, suggesting market makers may target overconfident traders for liquidations.
Wedson emphasized that public obsession over new all-time highs could create traps for both bulls and bears. Thus, it is imperative to “always manage your risk.”
Source: Cointelegraph
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