Bitcoin price is consolidating in a narrow range from $91,700 to $95,850, ahead of the 100-day anniversary of Trump's inauguration.
BTC Daily Price Chart | Source: TradingView
The market awaits Trump's 100-day speech
Bitcoin investors are temporarily adopting a "wait and see" attitude as they await the 100-day anniversary speech of U.S. President Donald Trump on April 29.
Although crypto-related policies have emerged notably in his second term, the market is still looking for clearer information regarding the management direction in the upcoming economic policy.
If the Trump administration clarifies the Bitcoin reserve plan in the national strategy, this could become a catalyst pushing BTC price closer to the $100,000 mark. However, if he shifts focus to stricter measures like imposing tariffs or drastic budget cuts, the financial market in general and Bitcoin in particular may face short-term pressure.
The cryptocurrency betting platform Polymarket predicts there is a 24% chance Trump will mention "crypto" or "Bitcoin" in the 100-day speech. Data from the platform shows users have bet over $1 million on this event.
What will Trump say in the 100-day speech? | Source: Polymarket
Trump's statements could spur short-term price surges, similar to previous instances. For example, Bitcoin's recent recovery from $74,400 to $94,000 was partly driven by Trump's statement that tariffs on goods from China "will be significantly reduced."
Although the speech may generate optimism and price surges, larger market factors such as tariffs and global trade tensions may still limit the growth, as seen in recent fluctuations in the crypto market.
Over $4.7 billion in Bitcoin withdrawn from exchanges
In addition to the possibility of positive statements from Trump, declining Bitcoin supply on exchanges continues to reinforce the bullish outlook, with expectations heading towards the $100,000 mark.
Investors have withdrawn more than 50,500 BTC (equivalent to $4.7 billion) from exchanges since macroeconomic tensions eased and the market began to recover broadly.
Bitcoin reserves on exchanges | Source: CryptoQuant
The decrease in BTC supply on exchanges reduces the available amount for sale, making the price more sensitive to demand — a factor that may increase after Trump's speech.
When will Bitcoin price reach $100,000?
Bitcoin price has consolidated below the $96,000 mark for the past seven days.
"BTC is gradually tightening and creating higher lows below the $96,000 resistance level," renowned Bitcoin analyst AlphaBTC shared in a post on April 29 on platform X.
As reported, the $95,000 level is a crucial resistance that bulls need to overcome to solidify the recovery trend.
"The more times the $95,000 level is tested, the higher the likelihood of a breakout," AlphaBTC commented, suggesting that the current squeeze could push BTC to the $100,000 mark that many anticipate.
"I predict there will be a stronger correction, but perhaps after BTC has surpassed $100,000."
BTC Price Chart 30 minutes | Source: AlphaBTC
While providing similar insights, analyst Daan Crypto Trades stated:
"BTC price has been consolidating for the past few days after returning to the previous range."
According to analysis from Daan Crypto Trades, an important level to watch on the downside is the 200-day simple moving average (SMA), ranging from $89,500 to $91,000.
Major resistance levels include the local peak at $99,500 and the "important psychological zone of $100,000," the analyst further explained:
"These are levels worth monitoring in the medium term. For now, we should just wait and see which direction BTC will take in the short term."
Daily BTC Chart | Source: Daan Crypto Trades
As reported, the healthy fundamental factors of the market could push Bitcoin price above $100,000 and to a new all-time high.
Meanwhile, Peter Chung, Director of Research at quantitative trading firm Presto, reiterated his prediction that Bitcoin will reach $210,000 by 2025.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should thoroughly research before making decisions. We are not responsible for your investment decisions.