Bitcoin (BTC) has climbed back above $111,000 after a brief pullback from its all-time high.
The top cryptocurrency was trading at $111,486 at the time of writing, just shy of the $111,861 ATH reached on Wednesday.
Although the daily range briefly dipped below $111k, Strategy’s announcement — the company that changed its name from MicroStrategy — appears to have injected fresh momentum into Bitcoin’s rally.
With BTC approaching $111.5k, bullish sentiment could drive another sharp leg higher.
This follows Strategy, led by Michael Saylor, disclosing plans to acquire an additional $2.1 billion worth of BTC.
On May 22, 2025, Strategy revealed the intended purchase in an amended prospectus filed with regulators.
The filing shows that Saylor’s publicly listed firm intends to issue up to $2.1 billion of 10.00% Series A perpetual preferred stock and use the proceeds to expand its Bitcoin strategy. Some funds will also be allocated to working capital.
“Strategy expects to make sales of the perpetual preferred shares under the ATM Program in a disciplined manner over time, taking into account the trading price and trading volume of the perpetual preferred shares at the time of sale. Strategy intends to use net proceeds from the ATM Program for general corporate purposes, including the acquisition of bitcoin, and for working capital,” the company said in a press release.
Bitcoin price outlook
Crypto investor and analyst Scott Melker posted on X that Bitcoin has just completed a “golden cross” between the 50-day and 200-day moving averages.
He shared a chart showing the potential for a price pump in BTC.
“This is the third since late 2023. As you can see, each was preceded by a ‘death cross,’ which has always been a lagging signal at the bottom,” he said. “Each Golden Cross led to a parabolic advance.”
Below is Scott Melker’s post, also known as the Wolf of All Streets, with a Bitcoin price chart.
$BTC Daily
Bitcoin just completed a “golden cross” between the 50 MA and 200 MA.
This is the third since late 2023.
As you can see, each was preceded by a “death cross,” which has always been a lagging signal at the bottom.
Each Golden Cross led to a parabolic advance, pic.twitter.com/MpzXMKV1Go
— The Wolf Of All Streets (@scottmelker) May 22, 2025
After breaking above $110k, analysts remain bullish that BTC’s next target could be $120k by the end of the second quarter.
Standard Chartered has forecast a surge to $200k by year-end, while some estimates tied to growing institutional interest suggest Bitcoin could surpass $500k by 2029.
Another potential tailwind for BTC is what Bitcoin maximalist Fred Krueger described as a “massive liquidity boom” that may soon hit the market.
We’re headed into a massive liquidity boom.
At the end of the day, the pivot away from DOGE is complete. There will be no “cutting” of anything. Only “printing”.
Bitcoin has only experienced this once — in 2020. But this time could be even more explosive.
— Fred Krueger (@dotkrueger) May 22, 2025
Bitcoin’s price has risen more than 4% in the past 24 hours and over 25% in the last month.