$BTC

Bitcoin breaks $88,000, how much imagination is left in the bull market?

Today (April 22, 2025), Bitcoin surged to $88,000, as if the market had hit the accelerator. But behind this frenzy, there are both institutional giants pushing the wave and risk signals lurking underneath.

1. Policy tailwind ignites the fuse

The new SEC Chairman Paul Atkins, appointed by Trump, has officially taken office. This regulator, holding $6 million in crypto assets, made his stance clear immediately: expedite the approval of 17 XRP spot ETFs and re-examine the Ripple lawsuit. Even more aggressively, bank licenses in the U.S. may open up to crypto giants like Circle and Coinbase — this means Bitcoin will directly connect with traditional finance's “meridians.” The easing of policies has led to a frenzied influx of institutional funds, with net inflow into Bitcoin ETFs exceeding $100 million in a single day.

2. Resonance of technical and macro factors

Bitcoin is currently trying to break through the “death barrier” of $88,000-$90,000, where the 100-day and 200-day moving averages intersect, and is also a dense area of losses before last year's crash. If it can hold steady, the next target will be $93,000, or even challenge the historical high of $109,000. On-chain data shows that whale addresses have been continuously accumulating in the $85,000-$87,000 range, with a net outflow of 18,000 BTC from exchanges in a single day, while long-term holders are firmly holding their positions. But the bears are also not to be underestimated — 170,000 BTC (approximately $14 billion) have recently been transferred from dormant wallets, which could lead to a sell-off at any moment.

3. Institutions predict frenzied bets

Standard Chartered has set a target price of $200,000, VanEck predicts it will hit $180,000 next year, and the wildly optimistic Tim Draper even forecasts $250,000. The core logic supporting these numbers has three main points: the supply halving will shrink the supply by half, the gold linkage effect (spot gold has already broken the new high of $3,390), and rumors that the U.S. may establish a strategic reserve of Bitcoin. However, the calm faction reminds us that the current market has entered the “veteran competition” stage, with retail participation at an all-time low, and liquidity is entirely reliant on institutional support.