Bitcoin Prices Could Next Approach the $120,000 Level

Bitcoin prices, which managed to set multiple records on Wednesday, May 21, could test the $120,000 level in the coming weeks

Bitcoin prices, which managed to set multiple records on Wednesday, May 21, could test the $120,000 level in the coming weeks, according to technical analysis provided by hedge fund manager Joe DiPasquale.

Earlier in the day, the digital currency surpassed set a fresh high above $109,000, before surpassing $110,000 close to 7:30 p.m. EST, Coinbase data from TradingView reveals.

The cryptocurrency did not stay above $110,000 for long, and was trading closer to $109,300 at the time of this writing, additional Coinbase figures sourced from TradingView show.

Amid these latest price movements, DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, shed some light on the digital asset’s short-term outlook.

“On the upside, $112,000 is the next psychological resistance, but if momentum continues, we could see a test of $120,000 — which aligns with longer-term Fibonacci extensions,” he stated via email.

“At these levels, price action is likely to be volatile, so watching ETF flows and funding rates will be just as important as the charts,” the market observer added.

“If momentum holds and we continue to see strong ETF inflows and a supportive macro backdrop, Bitcoin could plausibly test the $120,000 level within weeks, not months," he clarified, offering a more concrete timeline for when the digital currency could reach this height.

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“These upside moves tend to accelerate when resistance levels are cleanly broken, especially with sidelined capital getting pulled in. Of course, that path won't be linear — pullbacks are healthy — but the structure suggests we're still in the early stages of this breakout.”

Tim Enneking, managing partner of Psalion, also weighed in, offering his perspective on the markets through emailed commentary.

“The new BTC ATH, coming on the same day that fiat markets were hammered because of the difficulties with the US T-bill debt auction, is monumental,” he stated.

“The positive correlation between BTC and US equities markets has been weakening since early April and it was basically totally broken today.”

“This most recent period could be historic: the beginning of the real perception of BTC as a 'haven' by the tradfi space, finally taking up a theme that has been sung by the digital asset space for more than a decade.”

“In addition, the new ATH and the slow-and-steady climb to that level, mean that $100k has now been turned into very firm support. And because the price peaked at only just above the January ATH, it means that $110k represents fairly serious resistance."

“Rather than being range-bound between these two levels, however, I think the climb will continue for the foreseeable future as more and more corporations, US states and countries elect to treat BTC as a reserve asset.”

The TikTok influencer who goes by Wendy O also offered her views, identifying key levels of support and resistance she is watching.

“We saw Bitcoin break its previous all time high at ~$109,600 and hit $109,700 Yesterday, 5/20/2025 Bitcoin had its highest daily close at ~$106,700 and the highest week close at ~$106,400. Right now I’m watching support at $102,000 and resistance at $110,000.”

“I do believe this was fueled by the GENIUS Act passing the first round at the Senate, Trump’s memecoin holder experience 5/22/2025 and JD Vance speaking at Bitcoin 2025. It is rumored that both events will have announcements made.”