Bitcoin Extends Rally From May Lows — Can It Break $120,000 Next?

Bitcoin BTC/USD is continuing its run, with analysts now eyeing the $115,000–$120,000 range as the next logical targets.

What Happened: Crypto analyst ElonMoney attributes the rally to over $3.3 billion in spot Bitcoin ETF inflows, led by IBIT, FBTC and ARKB. Notably, $934 million flowed in on May 22 alone.

The Coinbase Premium Index, a metric showing U.S. investor demand, remains firmly positive, further confirming strong institutional appetite.

Technically, BTC is trading above key moving averages with a new value area high at $110,200 and support solidified near $107,500.

Also Read: Bitcoin’s Golden Cross Is Imminent: Strong Rally Or 2021-Style Sell-Off Next?

What's Next: According to ElonMoney, Bitcoin staying above the $107,500–$110,000 range opens the door to $112,000, $115,000, and potentially $118,000–$120,000 in the short term.

But if BTC breaks below $107,500, expect a retest of $105,000, a level seen as the next major support zone.

"As long as ETF inflows remain strong and the Coinbase premium holds, BTC has both technical and demand-driven support," ElonMoney noted.

In a follow-up post on May 22, he added that Bitcoin is still far from its cycle top, citing the MVRV-Z score, currently under 3.

Cycle tops tend to occur when the score reaches 6–7 meaning levels near $130,000 remain well within reach.

Conclusion: Bitcoin's recent bounce isn't just technical; it's backed by real capital flow from institutions. If the momentum holds, this rally could still have legs, with $120,000 in sight and $130,000 possible later in the cycle.

Read Next:

• Bitcoin Rally Has Room To Run, Says Morgan Creek’s Mark Yusko

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