Bitcoin surged to an all-time high above $111,800 in early Thursday trading, driven by strong momentum and optimism over U.S. crypto regulation. The rally came even as U.S. stock markets declined, highlighting a decoupling between Bitcoin and traditional equities. Analysts say growing interest from institutional buyers and the recent Moody’s downgrade of U.S. sovereign debt have contributed to Bitcoin’s appeal as a hedge against fiat instability.
Further boosting sentiment, the GENIUS Act, aimed at regulating stablecoins, advanced in the Senate, signaling regulatory progress. Support from figures like President Trump and JPMorgan’s decision to allow clients to buy Bitcoin have added to the bullish outlook, reflecting the expanding mainstream acceptance of the cryptocurrency.
Trader James Wynn, famous for handling enormous volumes, thinks Bitcoin can reach $118,000 by June. This forecast is based on Bitcoin's holding firm, with a price above $109,000 after consolidation.
Wynn points out that digital assets showed stability following their drop to $74,000. He said key price support areas have not been broken, suggesting that the stock price could increase. In addition, he says that investors and large market participants have now made $100,000, a strong level of support.
Source: James Wynn on X
Wynn pointed out that the Moving Average Convergence Divergence (MACD) indicator is now bullish on the weekly chart, which is significant in his view. It is good that this shift happened since we had not seen anything like it from EMA200 since December 2024, just before Bitcoin’s significant rise. According to the bullish MACD, Wynn’s belief that any price drops are minor and will follow an overall uptrend stands firm.
He highlighted that those pushing prices down have run out of room to continue. The sale of leveraged long positions allowed the bulls to push the price higher over the past week. Institutions that lost during the downturn have stepped aside, and now many investors believe the rally will continue.
According to the trader, whose $3.7 billion in trade volume and $50 million in profits were recorded on the Hyperliquid platform, Bitcoin could exceed $118,000 very soon. He reported that the current pattern in the market suggests it will turn bullish and advised investors to handle risks as the market is about to break through.
Wynn remains a highly regarded trader on Hyperliquid because of his account of more than $58 million. Robert’s predictions usually get a lot of attention, and this one is no different. According to the analyst, if Bitcoin reaches $118,000, this might indicate a strong June, which would be remarkable if it overcomes primary resistance levels soon. Now that investor mood is stable and technical factors are lining up, many traders are watching to see what path Bitcoin takes before the end of the month.