Bitcoin (BTC) surged past $108,000 on May 21, reaching a new four-month high and coming within 1.5% of its current all-time high of $109,356 set in January. As BTC consolidates near this critical resistance zone, analysts are projecting short-term targets of $116,000 and a potential “blow-off top” at $128,000.Bitcoin Surges Toward All-Time HighsBTC is currently trading at $106,246, retracing slightly from its intraday peak of over $108,000. The move brought Bitcoin within striking distance of setting a new all-time high. According to Cointelegraph Markets Pro and TradingView, the previous record stands at $109,356 on crypto markets.This recent rally has reignited market optimism. Traders and analysts suggest that the next phase of upward momentum could be imminent if Bitcoin clears resistance near the current highs, according to Cointelegraph.Support Test Becomes Less LikelyWhile some market watchers previously anticipated a potential pullback to test major support zones, that outcome is becoming increasingly unlikely. Keith Alan, co-founder of Material Indicators, cited multiple layers of technical support converging around the $100,000 mark, including:21-Day Moving Average (MA): Currently at $101,64050-Day and 200-Day MA Convergence2025 Yearly OpenTrendline support“You can’t really ask for stronger technical support than that,” Alan wrote.“A dump to that level would be a gift, but at this point, I don’t think it’s likely. The more the 21-day MA separates from $100K, the less probable a support test becomes.”Traders Set Sights on $116K, $120K and $128KSeveral well-followed crypto analysts are publishing bullish outlooks for Bitcoin’s near-term price trajectory:Michaël van de Poppe identified $100,700 and $91,800 as key supports, with $120,000 cited as an “imminent” upside target.Merlijn, a popular trader, projected a breakout toward $116,000, describing BTC’s recent move as an “explosion out of a bullish pennant.”Henry, another trader, pegged $128,000 as a potential “blow-off top”, with intermediate support levels at $105,000 and $96,000.“Bitcoin is coiling at key resistance. A breakout could see $116K hit quickly, and the move might only just be starting,” Merlijn posted on X.Market Structure Remains BullishDespite short-term volatility, order book data from CoinGlass shows growing bid support just below $106,000, strengthening Bitcoin’s base. The macro trend remains intact, with a Golden Cross forming on higher timeframes and a continuation of ETF-driven institutional inflows.“Consolidation near these levels is constructive,” Alan added. “It increases the probability of sustained upside.”With bullish chart structures, deep liquidity, and strong long-term support, Bitcoin’s price appears well-positioned for a renewed leg higher — potentially entering a price discovery phase above $110,000 in the coming weeks.
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