Bitcoin price nears all-time high: Analyst says BTC could surge to $118,000 soon

Bitcoin is inching closer to its all-time high price as it reached $108,050 early on Wednesday, as per a report. While it slightly pulled back, Bitcoin remained up 0.72% in the past 24 hours, settling at $106,145 at press time, reported U.Today report.

According to the report, analysts are optimistic, with some predicting a significant move higher in the coming days.

Analyst Predicts Bitcoin's Fast Jump to $118,000

On-chain analyst Willy Woo has predicted that Bitcoin’s next big move could come soon after it reaches its all-time high, as per U.Today report.



On May 21, Woo wrote in a post on social media X (previously Twitter) that, "Once Bitcoin properly breaks all-time highs, the move to $118,000 will be very fast," quoted U.Today. His prediction is similar to the growing sentiment in the crypto community that Bitcoin might soon set new all-time highs, reported U.Today.

BTC Just 2.71% Away from All-Time High

U.Today report calculated that at the current levels, BTC is just 2.71% away from its all-time high of $109,114, which it hit in January.

New Poll Reveals Crypto Community Sentiment

On-chain analytics platform Santiment had started a poll asking, "now that Bitcoin has breached $107,000, when will its market value breach the $109,026 all-time high from Jan. 20, 2025?" reported U.Today.

The poll found that a total of 71.5% of respondents chose the option of "by end of May", as per the report. The survey also revealed that 16% voted for the option of "by end of 2025," while 3.4% chose "2026 or beyond," according to U.Today report.

As BTC is currently holding above $100,000 for over 11 days in a row, some traders consider this as a sign of accumulation and strength at current levels, as per U.Today.

Crypto Market Approaches $4 Trillion

While, the crypto market nears a $4 trillion market capitalization, some experts in the crypto community have predicted that BTC will reach all-time highs soon in the coming weeks, as per U.Today report. CoinMarketCap showed that the total crypto market cap currently stands at about $3.35 trillion, according to U.Today.

FAQs

How close is Bitcoin to its record price?
As of now, it’s just 2.71% away from its all-time high.

Who is predicting a quick move for Bitcoin?
Crypto analyst Willy Woo says that once Bitcoin breaks its high, it could rapidly jump to $118,000, as per U.Today report.