Bitcoin Surges Past $97,000, Strong Signal Toward a New All-Time High

Bitcoin, the world’s largest cryptocurrency, posted an impressive rally at the beginning of this month, breaking through the $97,000 level. This surge marks a nearly 30% increase from its April low and has fueled speculation that Bitcoin may soon surpass its previous all-time high.

Market sentiment toward cryptocurrencies has also shown significant improvement. The Crypto Fear and Greed Index rose to 55, reflecting growing investor confidence. Meanwhile, the strengthening of U.S. stock indices—such as the Dow Jones and Nasdaq 100, both gaining more than 350 points—has further boosted interest in risk assets, including Bitcoin.

From a technical perspective, Bitcoin successfully avoided a bearish death cross pattern in April and instead formed a bullish double bottom. A breakout above the $88,830 neckline confirmed the upward trend, supported by a bullish flag pattern—a historical formation that often indicates a continuation of an uptrend. In addition, independent technical analysis shows that Bitcoin has broken through medium-term resistance at the $96,000 level and is now testing the psychological barrier of $100,000 as its next target.

Fyqieh Fachrur, an analyst at Tokocrypto, stated that the current market structure resembles the final phase of the 2017 bull run. He emphasized that Bitcoin’s ability to hold above the $95,280 support level will be key to sustaining the bullish momentum. Fyqieh also noted that Bitcoin is now trading above its 200-day moving average and has established a strong support zone between $95,797 and $96,441, which could serve as a solid base for further rallies.

On the on-chain side, Bitcoin’s 30-day net taker volume indicator has turned positive again. This suggests that buying pressure in the derivatives market is outweighing selling pressure, indicating a readiness among speculative traders to re-enter the market. Derivatives volume now accounts for around 90% of total Bitcoin trading volume, outpacing spot and ETF markets, which are often seen as early indicators of price movements.

Fundamentally, institutional demand for Bitcoin continues to grow. Net inflows into spot Bitcoin ETFs reached $2.9 billion in April, bringing the total accumulation to over $39 billion. Major firms such as Cantor Fitzgerald, Tether, and SoftBank have also launched a new entity called “Twenty One,” specifically established for Bitcoin purchases—reinforcing Bitcoin’s status as a “digital gold” asset.

A report from Standard Chartered forecasts that Bitcoin could reach $120,000 in the second quarter of 2025, driven by a shift in investor asset allocation strategies away from U.S. markets. Meanwhile, analyst Geoff Kendrick maintains a bold price target of $200,000 by the end of this year. An analysis from Financial Magnates also places Bitcoin’s mid-term price projection between $120,000 and $210,000, supported by cyclical market models and strong institutional capital inflows.

On the macroeconomic front, recent data shows a decline in U.S. consumer confidence and lower-than-expected job creation. These conditions open the possibility of interest rate cuts by the Federal Reserve, which could further enhance the appeal of risk assets like Bitcoin. However, analysts at BCA Research warn of potential stagflation risks stemming from aggressive trade policies, which may prompt investors to seek refuge in safe-haven assets such as gold and Bitcoin.

Backed by strong technical signals, on-chain data, institutional participation, and favorable global macroeconomic conditions, Bitcoin’s short-term target range of $100,000 to $108,000 is now seen as increasingly realistic. Some analysts even project that the price could break through the $115,000 to $120,000 range before the current market cycle concludes. Nevertheless, investors are advised to closely monitor the crucial support level at $95,280, as a drop below this threshold could trigger a short-term price correction.