Key takeaways:

Bitcoin’s $109,458 all-time high aligns with seven consecutive green weekly candles since April, highlighting the strength of the current bullish momentum.

Analysts expect BTC to reach between $135,000 to $320,000 in 2025.

BTC heatmaps show high-leverage zones that may trigger liquidations. Thus, risk management remains crucial.

Bitcoin (BTC) hit a new all-time high of $109,458 on Binance on May 21, marking seven consecutive green weekly candles in a row since the price bounced from its swing low of $74,500. 

Bitcoin 1-week chart. Source: Cointelegraph/TradingView

If Bitcoin closes the current weekly candle above $106,500 on May 25, it will mark its longest streak of consecutive green weekly closes since October 2023.

Alongside a new all-time high, Bitcoin’s market cap and realized cap also achieved new highs of $2.17 trillion and $911.5 billion, as noted by Glassnode.

Related: Is Bitcoin price close to a cycle top? — 5 indicators that help traders decide

Bitcoin bulls target higher prices above $110K

With bullish momentum on BTC’s side, crypto trader Titan of Crypto noted that a Bitcoin price target for $135,000 remains in “play” for 2025. Tracking its returns with respect to key high time frame resistance and support levels over the past two years, the forecast uses the Fibonacci extension tool, which identifies price targets by measuring previous price swings. 

Bitcoin analysis by Titan of Crypto. Source: X.com

On the chart, the 1.618 Fibonacci level, drawn to a swing high from a swing low, aligns at $135,000–$140,000, identifying a potential target.

Veteran trader Peter Brandt acknowledged BTC’s new high but pointed out that such milestones are “not technically significant” during bull markets. The trader said, 

“Bull markets make ATHs all the time. It is the definition of a bull market. On track maybe for top of $125,000 to $150,000 by end of August????”

In comparison, technical analyst Gert van Lagen set a much higher price level between $300,000 and $320,000. In a recent X post, Gert van Lagen pointed to Bitcoin’s breakout from a 4-year bullish Megaphone Pattern, marked by diverging trendlines with higher highs and lower lows, signaling a potential sharp uptrend after breaking the upper resistance.

Bitcoin’s megaphone pattern. Source: X.com

Using Elliott Wave Theory, the analyst noted that BTC is in the final Wave 5 of an impulse cycle, supporting the bullish case for another 170% to 190% Bitcoin rally.

While the markets edge toward euphoria, Alphractal CEO João Wedson recommended caution and patience for investors. The analyst noted that BTC heatmaps reveal price movement toward high-leverage zones, suggesting market makers may target overconfident traders for liquidations. 

Wedson emphasized that public obsession over new all-time highs could create traps for both bulls and bears. Thus, it is imperative to “always manage your risk.” 

Related: Bitcoin enters ‘acceleration phase’ resembling BTC price gains seen after Trump election victory

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

A New York jury found Braden John Karony, the former CEO of cryptocurrency company SafeMoon, guilty of three felony charges after less than a day of deliberation.

According to May 21 reporting from the courtroom, in the US District Court for the Eastern District of New York, a jury convicted Karony of conspiracy to defraud the United States, money laundering, and wire fraud. Prosecutors and defense lawyers presented their cases over the roughly two-week trial that kicked off with jury selection on May 5.

Karony, former chief technology officer, Thomas Smith, and the platform’s creator, Kyle Nagy, were charged in 2023 for having allegedly “diverted and misappropriated millions of dollars’ worth” of SafeMoon’s SFM token. Smith testified against Karony at trial, while Nagy reportedly fled to Russia and was at large as of May 21.

The criminal trial involving a cryptocurrency company executive was seen by many as a bellwether for how Joseph Nocella, the interim US Attorney for the district, could handle cases involving digital assets and fraud. Nocella, a Donald Trump appointee, took office on May 5.

This is a developing story, and further information will be added as it becomes available.

World, OpenAI CEO Sam Altman’s digital identification project, raised $135 million from venture capital firms Andreessen Horowitz and Bain Capital Crypto, the company said in an announcement.

The capital will be used to expand World’s network of iris-scanning orbs and infrastructure in the United States, where the company said in April it would operate in six cities, and increase coverage around the globe, according to the announcement.

More than 12.5 million individuals in over 160 jurisdictions have been issued a World ID, the company said.

The project, which collects biometric data from individuals to establish “proof of personhood,” faces regulatory headwinds and bans in several countries. Critics of the project say that offering financial incentives for biometric data violates informed consent, sparking a debate about the ethics of centralized digital ID systems and data privacy.

Major components of an iris-scanning World orb visualized. Source: World

Related: Alarm bells ring in US over OpenAI’s crypto project World

Scrutiny of Worldcoin continues, more governments ban project

Brazil’s National Data Protection Authority (ANPD) in January ordered World to stop providing services in the country due to concerns that incentivizing biometric data collection via cryptocurrency payments violates informed consent.

The ANPD upheld the decision to ban World in March, citing the company’s business model of offering cryptocurrency payments to users in return for their biometric data.

World faces fines of 50,000 Brazilian reais ($8,851) per day if it continues to operate in the country.

Translated statement from Brazil’s ANPD maintaining the World suspension. Source: Brazilian Government

Indonesia’s Ministry of Communications and Digital (Komdigi), a data and communication watchdog, suspended World’s business license on May 4 after accusing some of the company’s subsidiaries of failing to register as digital asset service providers under the Electronic System Operator Certificate Registration (TDPSE) framework.

Komdigi has launched an investigation into the project and will meet with representatives from the subsidiaries following the suspension to clarify the matter.

The bans in both countries follow a December 2024 order from the Bavarian State Office for Data Protection Supervision (BayLDA), a German data protection regulator, demanding that World adhere to the European Union’s data protection standards by allowing individuals the option to easily delete their biometric data from the network.

Magazine: Worldcoin fined again! Crypto store clerk runs off with $500K cash: Asia Express