Bitcoin has made headlines by reaching a new all-time high of $109,487.23 this past Wednesday. The focus of market analysts has rapidly shifted to whether an influx of $3.6 billion in ETF purchases this May could push the cryptocurrency beyond the $120,000 mark. Predictions that once seemed ambitious, such as the $130,000 target, are now viewed as stepping stones toward potential summer peaks.
Technical indicators like a bullish golden cross, rising whale accumulation, and increased yield on basis are leading some analysts to speculate that Bitcoin could hit a ceiling of $150,000 by year-end.
Bitcoin hits new all-time high/ Source: CoinMarketCap
Surging ETF Inflows Bolster $130K Predictions
Investor interest in Bitcoin-centric exchange-traded funds (ETFs) has seen a marked increase recently.
For context, following the launch of the first gold ETF in 2004, gold prices surged by approximately 250% in the ensuing years. Analysts believe Bitcoin’s price trajectory could similarly reflect the post-ETF rise of gold, especially given Bitcoin’s historical four-year halving cycles that tend to precede significant bull runs.
In just May, Bitcoin ETFs in the U.S. attracted more than $3.6 billion in net inflows, surpassing April’s inflow of $2.97 billion and reversing earlier withdrawals seen this year.
Data from SoSoValue indicates that on May 20 alone, Bitcoin ETFs recorded $329.02 million in net inflows, contributing to a weekly total of $996.46 million.
Source: SoSoValue
This surge follows a sharp decline in April, during which Bitcoin dropped to a year-to-date low of $74,393, and ETFs experienced outflows totaling $4.6 billion from February to March.
Restored investor sentiment can also be attributed to improved macroeconomic conditions, particularly a reduction in tensions between the U.S. and China.
On May 8, Bitcoin ETFs achieved a historic high in total inflows, exceeding $41 billion since their introduction in early 2024.
ETF total net inflows just set a new high.
$41.5B in net inflows since the 11th of January 2024.
Extremely bullish for Bitcoin! pic.twitter.com/GXeLQUlDuN
— Mister Crypto (@misterrcrypto) May 16, 2025
Dominating the market, BlackRock’s iShares Bitcoin Trust (IBIT) has tallied $6.96 billion in new inflows this year, outperforming the SPDR Gold Trust (GLD), the largest gold ETF, which has attracted $6.5 billion.
Technical Indicators Favor a Bullish Trend
Ongoing long-term buying by large holders, or whales, further strengthens the case for a continued rally in Bitcoin.
“Bitcoin is going to all-time highs today,” remarked well-known analyst AlphaBTC on May 21, citing a chart indicating that Bitcoin has sustained trading within a rising channel since its rebound on April 9.
#Bitcoin ATH today
Seem inevitable that $BTC take out the ATH soon, this grind and pop (squeeze) PA is being driven by bigger players that have their targets and know what it takes to use the Bears shorting every pop to move price higher.#Crypto #BTC https://t.co/LpBS0ZjXtw pic.twitter.com/6tYgVHTHlT
— AlphaBTC (@mark_cullen) May 21, 2025
CoinGlass’s order book data shows strong buying interest just below the $106,000 level, which could serve as a support cushion for Bitcoin. Technically, the moving average ribbon indicates a robust uptrend, with short-term moving averages (20-day and 50-day) surpassing long-term ones (100-day and 200-day), thereby forming a golden cross—a bullish signal typically signaling extended market gains.
Currently, Bitcoin is testing the critical psychological barrier of $110,000. If it successfully breaks this level with solid volume, the next targets may be aligned around $120,000, provided that there are no major macroeconomic changes.
If a short-term pullback occurs, support may be found at $102,000 or near the 20-day simple moving average at about $101,000. Market observers are now eagerly anticipating not just if but when Bitcoin will approach the $130,000 mark.
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