Analyst: After Bitcoin breaks the historical high, it will quickly surge to $118,000.

Renowned cryptocurrency analyst Willy Woo stated in his latest X tweet on May 21 that Bitcoin is at a critical juncture for breaking through its historical all-time high.
According to Woo's observations, once Bitcoin effectively breaks through the previous high resistance level (around $109,000), it is likely to usher in a rapid upward trend, with a target price aimed directly at $118,000.
This judgment is primarily based on three key factors:
First, on-chain data shows that long-term holders continue to accumulate Bitcoins, resulting in exchange reserves falling to their lowest levels since 2018, significantly tightening market liquidity.

Secondly, institutional funds are accelerating their inflow into the market again, especially as the funds for spot ETFs have shown a net growth trend after experiencing short-term fluctuations.
Finally, from a technical perspective, the ascending triangle consolidation pattern of Bitcoin on the weekly chart is nearing its end, with a theoretical target range of $118,000-120,000 after the breakout.

This breakthrough may trigger a significant short squeeze effect. Currently, a large number of open contracts in the futures market are concentrated around $110,000. Once the price breaks through the historical high, it is likely to trigger a chain reaction of short covering buy orders, further driving up the price.

However, it is also a reminder for investors to remain cautious and closely monitor the two major potential risk factors:

First, the policy signals that may be released by the upcoming Federal Reserve interest rate decision in June, and second, the final voting results of the U.S. stablecoin bill, the "GENIUS Act," in Congress. If these macro factors undergo unfavorable changes, Bitcoin may first test the support level of $102,750 to confirm the validity of the breakout.

Overall, Bitcoin has completed a structural trend reversal by the end of April and is currently in a stage of building momentum, with the timing for an upward breakout increasingly approaching.
Do you think Bitcoin can break through 118,000 USD before June? If it breaks the historical high, would you choose to chase the increase or take profits?
#比特币牛市预测 # Analyst Insights #On-chain Data Insights