Bitcoin Breakout Targets $134K Amid Bullish Momentum

Bitcoin hovered near $103,500 on May 10 after rebounding from a brief correction below $100,000 earlier this week.

Bitcoin price hovered above key levels on May 10 amid on-chain trends, institutional accumulation, and macroeconomic uncertainty fueling a bullish outlook.

One analyst noted that a weekly chart setup signaled a potential breakout toward $134,000, reinforcing strong market sentiment. The move, if confirmed, would mark a 29% rally from current levels, placing BTC in uncharted territory.

Traders are watching closely to see if momentum from whales, ETFs, and anti-fiat sentiment can sustain this rally.

Bitcoin Breakout Targets $134K Amid Bullish Momentum

Bitcoin closed the week above $103,000, forming a bullish breakout pattern on the weekly chart. According to TradingView data, the current setup resembles past accumulation phases.

The horizontal resistance of nearly $104,000 has now become a support level, reinforcing the bullish outlook.

Based on the consolidation zone’s width, the breakout projection suggests a target of roughly $134,000. BTC will post a nearly 30% increase in the current price if the move plays out.

Stochastic RSI on the weekly also crossed into bullish territory, currently reading 77.18 and 55.03. This indicated upward momentum may still be building.

Traders have flagged the $109,000 zone—Bitcoin’s previous all-time high on January 20—as the key area to watch before continuation.

Whales, Goldman Sachs, and BlackRock Fuel BTC Demand

Institutional buying has returned in force. In the past 30 days alone, whales accumulated over 41,300 BTC, worth $4.27 Billion at current prices, according to on-chain observer Cas Abbe. The post noted, “This rally is happening due to real demand.”

He added that Goldman Sachs disclosed $1.4 Billion in Bitcoin exposure through exchange-traded funds. BlackRock reportedly purchased $356 million worth of BTC on the same day.

The scale of accumulation suggests more than short-term speculation. The current setup resembles accumulation phases seen in early 2017 and 2020. Henry compares buying Bitcoin at $100,000 in 2025 to purchasing it at $1K in 2017.

Market progress trackers now estimate the bull market is 85.5% complete, with potential parabolic advances ahead. The sentiment aligns with earlier analysis suggesting ETFs are now absorbing the supply previously controlled by short-term holders.

Kiyosaki: ‘Fake Money’ Is the Problem: Buy Bitcoin Instead

Amid the rally, macro voices are re-entering the BTC debate. Robert Kiyosaki, the author of Rich Dad Poor Dad, used his X account on May 10 to criticize central banks and fiat systems.

Quoting Ron Paul, Kiyosaki called central bank interest rate setting “price fixing,” equating it to Marxist economic control.

“Fake money leads to dishonest money, dishonest statistics… and corruption in everyday life,” Kiyosaki posted. He urged Americans to fight back by buying Bitcoin, gold, and silver.

This isn’t new territory for Kiyosaki. He’s repeatedly called the U.S. dollar a “dying” currency. On Apr. 18, he projected Bitcoin would hit $1 Million by 2035. On the other hand, gold and silver would reach $30,000 and $3,000, respectively.

Kiyosaki’s comments resonate with many retail investors concerned about inflation and central bank manipulation. His message underscores a wider distrust in fiat systems that aligns with the rise of decentralized assets.

Bitcoin Rally Not Just Hype, Say Analysts

Despite price volatility and brief pullbacks, analysts remain confident in the BTC structural bull case. Many cite the changing holder composition as a significant tailwind.

MicroStrategy’s Michael Saylor recently said the recent sell-off came from “non-economic holders” who lacked a long-term mindset. Speaking on Coin Stories, Saylor described it as a “rotation” between retail and institutional actors.

This ongoing shift could reduce volatility and reinforce the store-of-value narrative of Bitcoin. ETF inflows continue to support this thesis, reducing supply on exchanges and driving long-term price discovery.

In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish any trading, investment, or other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.