Is Bitcoin's next move to attack $116,000? Traders bet on 'breaking new highs this week'

Bitcoin's volatility has dropped to the lowest level ever for the week ending May 18, during which traders are betting on new breakthroughs and historical highs for Bitcoin prices.
Data from TradingView shows that Bitcoin's price remained around $103,000 over the weekend. This morning (19th), it briefly broke above $106,000 but faced selling pressure and fell back, reporting $102,709 at the time of writing.
Traders maintain a generally optimistic attitude when commenting on the current market structure, predicting that Bitcoin prices will reach new historical highs again and return to price discovery.
The highly popular trader Alan posted the latest short-term forecast on social platform X, and his brief conclusion is: 'In the coming week, Bitcoin targets to reach $116,000.'
He posted a chart, adding: 'Bitcoin is brewing within this converging triangle, and at the same time, trading volume is decreasing, which is a common indicator of a possible breakout.'
Next early week #Bitcoin target: $116,000 $BTC is brewing within this converging triangle with decreasing volume, which is a common indicator of potential for a Breakout pic.twitter.com/Civ9oX4PuD
— Trader Tardigrade (@TATrader_Alan) May 18, 2025
Another trader, Mikybull Crypto, described the current market structure as an 'intraday diamond pattern breakout.'
'Diamond bottoms' usually appear at the end of a price decline, first forming a spreading triangle shape, then entering a converging triangle, ultimately forming a diamond-like shape that breaks out upward.
$BTC INTRADAY DIAMOND PATTERN BREAKOUT pic.twitter.com/gMGMub7nTt
— Mikybull Crypto (@MikybullCrypto) May 18, 2025
Trader Daan Crypto Trades stated: 'With the recent rise in Bitcoin prices, we are seeing a continued Coinbase spot premium. This is good, showing strong demand.' He pointed out that US buyers are supporting Bitcoin prices back above $100,000.
As for the more conservative view, it is limited to a brief pullback before Bitcoin resumes further upward movement.
Trader CrypNuevo stated: 'The trend has been slow over the past week, and Bitcoin has not yet broken through resistance levels, which still makes me think this situation might occur.' He refers to a brief pullback.
Another trader, Daan Crypto, added that Bitcoin has not yet broken through the final resistance level compared to stocks.
$BTC has failed to push higher relative to stocks.
The recent relative weakness has come after the US has made a 'Deal' with China.
This does show that BTC has turned into this asset which gets interesting for investors when outflows and uncertainty happens elsewhere.
So while… https://t.co/hShAZxGM21 pic.twitter.com/UEPZNGWjff
— Daan Crypto Trades (@DaanCrypto) May 17, 2025
Current longer-term concerns for Bitcoin include a full retracement after the stress relief rebound. This rebound has allowed Bitcoin to rise from a low point close to $75,000 in April to above $100,000.
Additionally, the market is also watching to see if Bitcoin could potentially return to the $90,000 range.
"Is Bitcoin's next move to attack $116,000? Traders bet on 'breaking new highs this week'" This article was first published on (Blockke).