Bitcoin’s Surge: Aiming for $90K as Market Dynamics Shift

Bitcoin price reached $87,424.71, with predictions for it to potentially surpass $90,000. The overall crypto market cap grew to $2.74 trillion. Slovenia proposes a 25% crypto tax effective in 2026, while comments from Fed Chair Powell may encourage Web3 adoption. Investors are advised to research thoroughly due to high market volatility.

In the previous week, Bitcoin (BTC) reached a peak of $87,424.71, driven by increased institutional interest and confidence from long-term holders. Experts predict a breakout past the $90,000 mark, with future projections suggesting targets exceeding $120,000 by 2025. The “TRUMP” memecoin surged by 9% following a $320 million token unlock, while XRP experienced a 1.16% increase. Most altcoins showed minimal movement, although coins like STX, TAO, and FARTCOIN recorded slight gains.

The overall cryptocurrency market continues to exhibit high volatility. Readers are cautioned that predicting cryptocurrency behaviour is inherently uncertain. This article aims to keep investors informed about the latest developments and provides insights into significant past events and upcoming occurrences that merit attention. Conducting thorough research is essential for investors prior to making decisions.

Last week, the total crypto market capitalisation was approximately $2.69 trillion, with Bitcoin valued at about $85,000 and Ethereum around $1,600. By the following Monday, the market capitalisation had increased to $2.74 trillion. DeFi accounted for $5.34 billion, representing 8.27% of the total 24-hour market volume, while stablecoins dominated with $59.13 billion, constituting 91.53% of the volume. The market sentiment was reflective of ‘Fear’, scoring 34 on the fear and greed index, with Bitcoin dominance at 63.14%.

Bitcoin’s price interactions over the past week included a high of $87,424.71 on April 21 and a low of $83,904.25 on April 16. Conversely, Ethereum observed a high of $1,682.391 and a low of $1,557.21 during the same timeframe. Strong investor confidence and institutional accumulation have been attributed to the recent Bitcoin surge, with potential consolidation leading to further breakout opportunities. Analysts suggest that Bitcoin’s performance in the upcoming week may be pivotal for future price movements.

Regulatory updates indicate that Slovenia is considering a 25% capital gains tax on cryptocurrency profits starting in 2026. Concurrently, comments from Federal Reserve Chair Jerome Powell regarding banking regulations may pave the way for increased institutional engagement and broader acceptance of cryptocurrencies within the Web3 framework.

Analysts have expressed optimism regarding Bitcoin’s trajectory. Mudrex’s CTO noted that recent ETF inflows have positively influenced market sentiment, indicating potential price recovery. Additionally, significant accumulation by Bitcoin whales points towards a structured rally. Macroeconomic factors such as a declining dollar index and recession fears further bolster Bitcoin’s appeal as a safe-haven asset. A key level to monitor is the monthly high of $88,700, as a decisive close here could signal a run towards $92,000 with crucial support at $84,000.

Market dynamics suggest a potential bullish trend following Bitcoin’s breakout from a long-standing downward channel. Experts anticipate a sideways to bullish movement in the near term, with investors likely to capitalise on price dips, enhancing the cryptocurrency’s resilience in the current market climate.