Bitcoin Approaches $95,000: Are We On The Cusp Of A Bull Run?

Bitcoin price reached $94,662.19, up 1.16% as of April 29, driven by institutional demand and ETF influence. Market capitalisation increased to $1.87 trillion, while experts foresee potential movements toward $100,000. Projections suggest bullish trends, with anticipated growth in institutional adoption of Bitcoin and blockchain technology.

On April 29, Bitcoin hit a notable price of $94,662.19 by 9 am, reflecting a climb of 1.16% in just 24 hours, as per CoinMarketCap. This surge has also seen its market cap rise 1.06%, bringing it to around $1.87 trillion, with trading volumes at $32.12 billion recorded for the same period.

Several factors seem to be driving this price increase. Institutional demand appears to be robust, fuelled in part by Bitcoin ETFs and the prospect of supportive crypto policies from the US government. Additionally, Arizona is contemplating Bitcoin treasury investments, a move that may encourage other states to follow suit in incorporating digital currencies into their financial frameworks.

Alankar Saxena, co-founder and CTO of Mudrex, commented that Bitcoin’s current price nearing the $95,000 mark reflects positive institutional developments bolstering market sentiment. Notably, strategies involving the addition of $1.4 billion worth of Bitcoin to holdings and Standard Chartered’s prediction of a rally hitting $120,000 soon have played a significant role.

Across the cryptocurrency landscape, the total market capitalisation reached $2.97 trillion, marking a 1.59% uptick from the day prior. Trading in the broader market increased significantly, up 47.79%, to a total of $89.69 billion, as disclosed by CoinMarketCap.

Alex Kuptsikevich, FxPro’s chief market analyst, pointed out that the crypto market cap has hovered near $2.97 trillion since late last week. The market is showing recovery towards its 200-day moving average, albeit with some reluctance to surpass it. He described the overall market sentiment as neutral, with investors showing a preference for gradual upward movement.

Currently, Decentralised Finance represents $6.31 billion or 7.03% of the market, while stablecoins dominate at $83.77 billion or 93.40%. Bitcoin’s market dominance stands at 63.37%, which is a slight decrease of 0.03% over the past day.

Kuptsikevich also noted that Bitcoin seems to be stabilising around $94,500, recovering to levels seen prior to a sharp fall in February. The technical outlook is looking quite bullish, with Bitcoin trading above both its 50-day and 200-day moving averages, both of which are trending upwards. This consolidation signals a strong bullish momentum.

Saxena highlighted that investors are on the lookout for catalysts that could push Bitcoin towards the $100,000 threshold. He pointed out that forthcoming macroeconomic data—such as PCE, ISM, and employment reports—could potentially provide the required momentum if they align with market expectations.

QCP Capital observed that the Bitcoin options market is currently heavily leaning towards call options priced at a strike of $95,000 for the end of April and May, indicative of a strong appetite for risk in the market. In an optimistic view, Cathie Wood’s Ark Invest predicted Bitcoin might soar to $2.4 million by the end of 2030, driven by increasing institutional adoption.

Standard Chartered isn’t alone in its positive expectations; it forecasts Bitcoin could hit an all-time high of around $120,000 by the second quarter of 2025 and potentially reach $200,000 by the end of that same year.

Before making investment decisions based on these predictions, readers are encouraged to consult certified experts, as these views represent individual analysts’ opinions and not the consensus of Mint.