Bitcoin Aims for $130K Breakout Following New All-Time High

Bitcoin Reaches New Heights: A $130K Target in Sight

After quietly printing a fresh record at **$109,487.23** on Wednesday, Bitcoin’s spotlight has already shifted to whether a **$3.6 billion May ETF buying wave** can catapult the coin through **$120K**. Analysts now treat **$130K**—once a bold call—as only an early waypoint toward summer highs.

A bullish **golden cross**, renewed **whale accumulation**, and soaring **basis yields** also have some desks sketching a **$150K ceiling** before year-end.

ETF Inflows Fuel $130K Forecasts

Investor confidence has significantly increased in **Bitcoin-focused exchange-traded funds (ETFs)** in particular. To put this rally in context, after the first **gold ETF** launched in 2004, gold prices skyrocketed about **250%** over the subsequent years. Analysts suggest Bitcoin’s trajectory could mirror gold’s post-ETF surge, especially given Bitcoin’s **four-year halving cycles** that historically precede bull runs.

In May alone, spot Bitcoin ETFs in the U.S. have attracted over **$3.6 billion** in net inflows, already exceeding April’s total of **$2.97 billion** and reversing the outflows seen earlier this year.

According to data from SoSoValue, Bitcoin ETFs saw **$329.02 million** in net inflows on May 20 alone, bringing the week’s total to **$996.46 million**.

This turnaround comes after a sharp dip in April when Bitcoin fell to a **year-to-date low** of **$74,393** and ETF outflows hit **$4.6 billion** between February and March. Improved macroeconomic conditions, particularly easing tensions between the **U.S.** and **China**, have also helped to restore investor sentiment.

For instance, on May 8, Bitcoin ETFs reached an all-time high in total inflows, surpassing **$41 billion** since their launch in early **2024**.

Leading the charge is **BlackRock’s iShares Bitcoin Trust (IBIT)**, which has attracted **$6.96 billion** in year-to-date inflows, surpassing even the **SPDR Gold Trust (GLD)**, the world’s largest gold ETF, which has drawn **$6.5 billion**.

Technical Indicators Support Bullish Case

The long-term buying pressure from **whales** (large holders) further supports the outlook for a continued rally. “Bitcoin is going to all-time highs today,” popular analyst **AlphaBTC** explained on May 21, pointing to a chart that showed Bitcoin trading within a **rising channel** since its April 9 rebound.

Order book data from **CoinGlass** shows strong buying interest just below the **$106K** mark, providing a cushion of support. From a technical standpoint, the **moving average ribbon** suggests a strong uptrend. Short-term moving averages (20- and 50-day) have crossed above long-term ones (100- and 200-day), forming a **golden cross**, a bullish indicator that often precedes extended gains.

Currently, BTC is testing the psychological level of **$110K**. If it breaks above this level with strong volume, the next potential targets could be around **$120K**, assuming no immediate macroeconomic shifts. On the downside, any short-term pullback may find support at **$102K** or the **20-day SMA** near **$101K**.

Bitcoin appears set for further gains, with market observers now focusing on when, rather than if, it will reach **$130K** soon.

The post **Bitcoin Pushes Towards $130K Breakout After Setting New All-Time High** appeared first on Cryptonews.

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