Bitcoin Price Forecast – BTC Likely to Hit $110K Soon

Highlights:

• Bitcoin is in a low volume day, but holding above weekly resistance
• Price action points to a likely move higher with $110k as a key target
• Rising adoption is likely to push the price higher 

Bitcoin is in the green today, up by 1.03% to trade at $106,360. However, Bitcoin trading volumes are still low, and this is both a positive and a negative. It is positive in the sense that it means Bitcoin holders are not selling, and they have confidence that Bitcoin will go up over time. However, it also means that a lot of investors are waiting on the sidelines for a better price confirmation. Quite expected given that Bitcoin only recently breached a critical weekly resistance, but with low volumes.  

Bitcoin Price Action Mirrors That of 2021 Before the Bear Market

Fears around Bitcoin could also be driven by the fact that Bitcoin price action is increasingly reminiscent of its price action in 2021 before the bear run started. The price formed a double top, and the all-time highs before the crash were briefly retested. With a similar pattern forming, investors may choose to wait until there is a clear break of the all-time highs on the monthly close in the next 10 days. This may also explain why altcoins are still calm despite Bitcoin’s rally through a critical resistance level at the end of last week.

$BTC #Bitcoin I am just convinced this will be a double top with a lower high, as opposed to the higher high in 2021. I think the structure dictates that, cuz we are confined here in a big descending channel. pic.twitter.com/AqP8FKEvUC

— Cianna (@MiguelNeves13) May 21, 2025

Institutional Adoption of Bitcoin on the Rise

However, even as a wait-and-see attitude dominates, Bitcoin continues to grow in adoption, especially by institutions and sovereign bodies. Vivek Ramaswamy’s Strive has announced that it will purchase distressed Bitcoin from Mt.Gox. The company’s target is a discount buy of the 75k Bitcoin held by Mt.Gox, and boost its treasury holdings. This is a big deal for Bitcoin in two ways.

BREAKING NEWS: #VivekRamaswamy’s Strive aims to buy 75,000 #BTC from #MtGox claims at a discount, building a massive #Bitcoin treasury! #Crypto #Investing#Strive’s strategy leverages distressed Mt. Gox claims to acquire #Bitcoin below market value, boosting its reserve ahead of… pic.twitter.com/r0kMK0a3u5

— CryptoWala | A₿RAR KHAN (@cryptowalax) May 21, 2025

First, it goes to show that institutional money has strong confidence in Bitcoin and has a long-term view on Bitcoin. It also means that the remaining Mt.Gox Bitcoin will likely not be liquidated in a way that applies pressure on the current price. This is a factor that could help sustain the price above last week’s resistance, which is now at the support level. 

Strive is not alone in its push to build a Bitcoin reserve. Twenty One Capital is also looking to build a 42,000 Bitcoin Reserve. This, along with the many other companies that are building reserves, is a pointer that, in the future, Bitcoin will become standard in many corporate balance sheets. Given the finite nature of Bitcoin’s supply, the price can only go up over time. It could also mean that the era of wild Bitcoin price swings with catastrophic bear markets is long gone. Such could inspire more investors, especially the conservative, risk-averse ones, to consider dipping their toes into Bitcoin. 

Macro Environment Increasingly Favorable for Bitcoin

Besides the rising adoption, Bitcoin could benefit from the improving macro environment. Things have cooled down since President Trump started making trade deals with individual countries, including starting talks with China. The market is increasingly taking a risk-on approach, and this is evident in the US stock markets. If the risk-on assessment of the market grows stronger, then Bitcoin could see a strong surge in demand due to its finite supply. 

Technical Analysis – Bitcoin Price Likely Headed Higher After Breaching Resistance

From the charts, Bitcoin is sending bullish signals after closing last week above the weekly resistance at $104,147. If bulls sustain momentum and have high volumes, Bitcoin could be headed to $110k as the next resistance level. A breach of the $110k resistance could see Bitcoin rally to $120k or higher. 

On the flip side, if Bitcoin bulls lose momentum, the price could consolidate above $104,147, which is now supported. However, with all the adoption going on, Bitcoin is likely headed higher to $110k and above.