Bitcoin (BTC) reclaimed the $99,000 level for the first time in over two months, sparking optimism among analysts who expect the price to break above $100,000 soon.
Notably, BTC's performance over the past month has been extremely impressive. Its value has increased by 31.8%, representing a strong comeback from its lows on Liberation Day in early April.
Could the price of Bitcoin reach $100,000?
In early Asian trading, the largest cryptocurrency reached $99,388, marking its highest price since February 21, 2025. At the time of publishing this report, the price of Bitcoin settled at $98,874. Data from BeInCrypto showed that the cryptocurrency saw a slight decrease of 0.3% in the past hour.
However, this increase has fueled optimism that a rise to $100,000 is inevitable. Market participants on X (formerly known as Twitter) expressed positive expectations.
"Bitcoin is approaching the $100,000 barrier again. Tick, tick..." wrote Anthony Pompliano.
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Previously, Bitfinex forecasts indicated that if the price of Bitcoin remained above $95,000, a retest of its all-time high becomes likely. This expectation seems to have come true as Bitcoin is now trading above this threshold.
Furthermore, many market indicators and developments support the bullish trend. One analyst revealed that Bitcoin has broken through a price range where many traders were holding highly leveraged short positions.
The analyst stated, "There is no significant resistance until around $100,000."
In its weekly newsletter, Glassnode also noted that the realized market capitalization of Bitcoin reached a record $889 billion, an increase of 2.1% over the past month. This increase reflects growing investor confidence and capital inflows.
The company indicated signs of renewed market strength, with significant capital flowing back into Bitcoin, especially through ETFs. Over the past two weeks, more than $4.6 billion has flowed into Bitcoin ETFs.
"The newsletter noted that "Total assets under management in spot ETFs in the United States have now risen to over 1.171 billion Bitcoin, which is just 11,000 Bitcoin away from its all-time high of 1.182 billion Bitcoin."
This increase in inflows has largely reversed the previous period of outflows, indicating strong demand for Bitcoin.
Glassnode added: "Strong inflows into ETFs, along with improved investor sentiment, help paint a picture of stronger favorable winds supporting the Bitcoin market."
Meanwhile, CryptoQuant highlighted that over the past three days, the number of stablecoins sent to Binance has grown significantly. Inflows peaked on May 6, when they reached nearly $1 billion, the largest single-day deposit since April.
"Stablecoin flows typically reflect investors' desire to enter the market, as these assets are often sent to exchanges in anticipation of buying activity," the publication noted.
Additionally, the latest disclosure of Binance reserves showed a decrease in holdings of several major cryptocurrencies, including Bitcoin, Ethereum (ETH), BNB (BNB), and Solana (SOL). In contrast, the 2.6% increase in Tether (USDT) reserves stands out.
This increase in stablecoin holdings indicates increased liquidity. This suggests that traders are preparing for future transactions in the market.
In addition to optimism, Tether's dominance (USDT.D) has declined. A decrease in USDT.D typically indicates that investors are moving money from stablecoins to other crypto assets, leading to an increase in gains.
Legislative progress is another boost for Bitcoin. Two legal projects for Bitcoin reserves have been enacted, and many other projects are still on track to advance through the legislative process. This means there is increasing acceptance of Bitcoin by institutions and governments.
As Bitcoin approaches the $100,000 threshold, investors are closely watching whether this rally will maintain its momentum or face resistance. With market conditions improving positively, the cryptocurrency community remains tense about what could be a milestone for Bitcoin (BTC).