Bitcoin Soars Past $103K: Wallet Surge Fuels $108K Target
Bitcoin (BTC) has shattered expectations by breaking through the $103,000 mark, setting a new all-time high as of May 9, 2025. This milestone, driven by a surge in active wallets and robust market sentiment, has analysts predicting a potential climb to $108,000. The rally reflects growing adoption and institutional interest, but the volatile nature of cryptocurrencies warrants careful consideration. Below is a detailed analysis of Bitcoin’s price surge, wallet activity, and future outlook.
Bitcoin’s Record-Breaking Rally
Bitcoin’s price has surged past $103,000, with recent data indicating a high of $102,615.75 and a 24-hour trading volume of $64.61 billion (CoinMarketCap – Bitcoin Price). This breakthrough follows a period of consolidation, with Bitcoin trading around $96,666.03 on May 7, 2025, before climbing rapidly (CoinDesk – Bitcoin Price). The cryptocurrency’s market cap now stands at approximately $2.02 trillion, reinforcing its dominance at 66% of the total crypto market.
The rally is supported by technical indicators, such as a pennant breakout and bullish Fibonacci time sequences, which suggest sustained upward momentum (Investing.com – Bitcoin Rally). Institutional inflows, including BlackRock’s IBIT fund surpassing $43 billion, further bolster Bitcoin’s ascent.
Surge in Wallet Activity
A significant driver of Bitcoin’s rally is the increased activity among wallet holders. According to Glassnode, 342 wallets holding over 100 BTC each—equivalent to roughly $10 million—have been actively accumulating Bitcoin during price dips (The Currency Analytics – Whales Drive Surge). Additionally, the number of wallets holding $1,000 or more has surged by 20% since early 2024, reaching a record 10.6 million (ReadWrite – Wallet Surge).
The revival of dormant wallets also contributes to this trend. For instance, a wallet containing 16 BTC, valued at $1.56 million, was activated after 11 years of inactivity, signaling renewed interest among long-term holders (Investing.com – Dormant Wallets). This activity reflects growing distribution and adoption among both retail and institutional investors.
| Metric | Value |
|---|---|
| Current Price | ~$103,000 |
| 24-Hour High | $102,615.75 |
| 24-Hour Trading Volume | $64.61B |
| Market Cap | $2.02T |
| Wallet Surge (2024) | 20% increase |
| Wallets > $1,000 | 10.6M |
Targeting $108K
Analysts are optimistic about Bitcoin’s next price target, with $108,000 emerging as a key resistance level. Gareth Soloway, Chief Market Strategist at Verified Investing, predicts Bitcoin could reach $107,000–$108,000, based on current chart patterns and historical cycles (Coinpedia – Bitcoin Surge). Similarly, on-chain metrics and liquidation heatmaps suggest a potential surge to $108K, as noted by market experts (The Currency Analytics – Bullish Momentum).
The Fear & Greed Index, currently at “Greed,” indicates strong investor optimism, which often correlates with price increases. However, Soloway warns that a correction could follow once Bitcoin hits this resistance, highlighting the market’s volatility.
