Bitcoin (BTC) Price Targeting $110,000 as BTC Market Cap Reaches $2T

The Asian on May 21 session saw BTC price set up a local top at $107,950 on Binance, shy of 1.86% from its ATH of $100,000.

Bitcoin (BTC) is trading at a critical juncture as it threatens to revisit its all-time high (ATH) of $110,000. While the Asian session on May 21 saw BTC price set up a local top at $107,950 on Binance, shy of 1.86% from its ATH of $110,000.

What happened: Bitcoin is up 2% today and trades at $104,600. The recent uptick has pushed Bitcoin's market cap up to $2.1 trillion, with the 24-hour trading volume hovering around $36.8 billion.

*bitcoin price updated as of 11 AM.

Implied Volatility (IV)

BVIV, Volmex’s 30-day Implied Volatility (IV) for Bitcoin, stands at 49.23. This metric measures the forward expectation of investors on BTC, calculated using options data. The 49.23 value is annualized 30-day IV. Dividing this value by the square root of 365 yields 2.57%, which is the daily percentage Bitcoin price swing.

At press time, Bitcoin price is at $106,400. Multiplying this value by 2.57% shows the upper limit of $109,123. On the other hand, a lower limit is around $103,676.

Chances of BTC Price Today Hitting $110,000

Considering these limits, the chances of a BTC price swing that pushes it to $110,000 today are extremely high. A decent possibility exists for even higher swings to take Bitcoin to new highs. This potential is even more significant if the current buying pressure persists, and broader market sentiment remains supportive.

A top-down approach is best to determine what Bitcoin price prediction holds for the near-term future. If the momentum is strong enough, BTC will hit $110,000 or push higher.

The 4-hour chart shows a series of higher lows since BTC price set up the April swing low around $73,000. This price structure shows clear strength and bullish momentum and is indicative of a continuation of the uptrend a retest of all-time high.

The hourly chart shows a similar outlook for Bitcoin with a series of higher low formations. A key value area to watch on this timeframe extends from $105k to $102.5k. 70% of the volume traded between December 2024 and February 2025.

Yesterday's correction tagged the $105k level, catalyzing a buying spree that pushed BTC price to a new daily high of $107,950. This move created a higher low, retaining the bullish market structure.

Nearly 7,000 BTC worth $740 million of open interest was added since yesterday's intraday low of $102,000. This clearly shows investor interest and willingness to buy the dips. Hence, the chances of a potential push to retest the previous ATH at $110,000 are highly likely.

To conclude, BTC price action remains extremely bullish and hints at a potential retest of the ATH of $110,000. The IV also shows there is a high chance of Bitcoin reaching for the record highs and potentially going beyond.

Frequently Asked Questions (FAQs)

1. Can Bitcoin hit $110,000 today?

Yes, there is a good chance of Bitcoin price today hitting $110,000. The Implied Volatility (IV) levels suggest a daily Bitcoin price swing of 2.57%, which could take the cryptocurrency as high as $109,123.

2. What is Bitcoin's current price?

As of 11 AM, May 21, Bitcoin is trading at $104,600.

3. What is driving Bitcoin's price?

Bitcoin price is being driven by several factors, including the macro environment, crypto news, and technical analysis. The recent uptick in Bitcoin price has been attributed to the perceived bottoming out of the macro environment and the potential for a pivot by the Federal Reserve.