Key points:
Bitcoin’s rally to $105,980 has traders predicting new all-time highs this week.
Traders lift their end-of-year Bitcoin price targets to $200,000 based on technical factors and institutional investor adoption.
Bitcoin (BTC) has been stuck in a narrow range for the past few days, but the rally above $105,500 on May 18 increases the possibility of an upside breakout. Popular trader Alan said in a post on X that Bitcoin could soar to $116,000 early next week.
Another bullish voice was that of Bitwise chief investment officer Matt Hougan. While speaking to Cointelegraph, Hougan said that a supply shock due to increased institutional demand could propel Bitcoin to $200,000 by the end of 2025. He expects seller exhaustion to occur at the $100,000 level.
Crypto market data daily view. Source: Coin360
Although Bitcoin remains strong, select analysts are shifting their focus to altcoins as they believe an altcoin season could be around the corner. Crypto analyst Javon Marks said in a post on X that altcoins, excluding Ether (ETH), could “deliver one of their most powerful runs since 2017!”
Could Bitcoin and altcoins continue their move higher? Let’s look at the cryptocurrencies that are showing strength on the charts.
Bitcoin price prediction
Bitcoin remains stuck in a range, but the bulls are trying to overcome the overhead resistance at $105,820.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
Both moving averages are sloping up, and the relative strength index (RSI) is in the overbought zone, signaling that the buyers hold the edge. A break and close above $105,820 increases the likelihood of a retest of the $109,588 level. Sellers will try to defend the $109,588 resistance, but if the bulls prevail, the BTC/USDT pair could skyrocket to $130,000.
Alternatively, a sharp drop below $100,000 signals that the bears have seized control. That may tempt several short-term bulls to book profits, pulling the pair toward the 50-day simple moving average ($91,447).
BTC/USDT 4-hour chart. Source: Cointelegraph/TradingView
The pair has broken out of the symmetrical triangle pattern on the 4-hour chart,…
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