Bitcoin Hits New All-Time High of $109,458, Extends Weekly Gains to 47%

Bitcoin (BTC) reached a new all-time high of $109,458 on May 21, marking the seventh consecutive week of price increases since the low of $74,500 in April. This milestone underscores the robust bullish momentum currently driving the cryptocurrency market. If Bitcoin closes the current weekly candle above $106,500 on May 25, it will extend its streak of consecutive green weekly closes to the longest since October 2023.

In addition to the new price high, Bitcoin's market capitalization and realized capitalization also hit new peaks of $2.17 trillion and $911.5 billion, respectively. This data, provided by Glassnode, further emphasizes the strength of the current bull market.

Analysts are optimistic about Bitcoin's future price movements. Crypto trader Titan of Crypto predicts that Bitcoin could reach $135,000 by 2025, using the Fibonacci extension tool to identify potential price targets. This tool measures previous price swings to forecast future movements, with the 1.618 Fibonacci level aligning at $135,000–$140,000.

Veteran trader Peter Brandt acknowledged Bitcoin's new high but noted that such milestones are not technically significant during bull markets. He suggested that Bitcoin could reach between $125,000 and $150,000 by the end of August. In contrast, technical analyst Gert van Lagen set a much higher price target, predicting that Bitcoin could reach between $300,000 and $320,000. Van Lagen's prediction is based on Bitcoin's breakout from a 4-year bullish Megaphone Pattern, which signals a potential sharp uptrend after breaking the upper resistance. Using Elliott Wave Theory, van Lagen noted that Bitcoin is in the final Wave 5 of an impulse cycle, supporting the bullish case for another 170% to 190% rally.

Despite the bullish sentiment, some analysts caution investors to remain vigilant. Alphractal CEO João Wedson recommended caution and patience, noting that Bitcoin heatmaps reveal price movement toward high-leverage zones. This suggests that market makers may target overconfident traders for liquidations. Wedson emphasized the importance of risk management, stating that public obsession over new all-time highs could create traps for both bulls and bears.

In summary, Bitcoin's new all-time high and the data supporting the current bullish momentum indicate that the cryptocurrency market remains strong. While analysts have varying predictions for Bitcoin's future price movements, the overall sentiment is optimistic. However, investors should remain cautious and manage their risk, as the market can be unpredictable.