Bitcoin regains the $90,000 zone
Bitcoin has lingered around the psychological $90,000 level for days and some crypto researchers believe that there’s a nearly 50% chance it will surge to above $100,000 in May. As of this writing, major altcoins like XRP and SOL have bounced back significantly from previous lows and traders who bought the dip over the last months have gained huge profits.
The possibility of Bitcoin falling to a major downside is much lower. A month ago, BitMEX co-founder Arthur Hayes was more bearish on the downside. Hayes predicted last month that Bitcoin could potentially pull back toward the $70,000 to $75,000 range, a move he said may trigger a “mini financial crisis.” Bitcoin last traded around $75,000 in November 2024, just several days after US President Donald Trump won the election — a moment widely seen as the catalyst for a month-long rally that pushed Bitcoin to $100,000 for the first time in December 2024.
Big whales' move
A few large investors, known as whales, hold significant portions of certain cryptocurrencies. When these whales make large trades, they can influence prices dramatically. A sudden massive buy order can trigger a surge, while a large sell-off can cause panic in the market. According to on-chain data, large holders are re-entering the market and institutions like Micro Strategy are buying more BTC after the tariff panic goes away.
Market sentiment turns from "fear" to "neutral"
Many top crypto traders and KOLs believe that until Bitcoin reclaims $100,000, “choppy conditions” will remain. Analysts from Toobit noticed that the crypto market sentiment measuring Crypto Fear & Greed Index shows current sentiment is “Neutral” with a score of 48 out of a total possible of 100 as of this writing.
Asset manager VanEck said that the bull market will hit a “medium-term peak” in the second quarter of 2025 before surging to all-time highs by the end of the year. It projected that “at the cycle’s apex,” Bitcoin would trade at around $150,000 while ETH would trade above $4,000.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. Remember to keep an eye out for more market insights coming your way from Toobit Academy!
