Bitcoin has surged past the $100,000 mark once again, but for the first time since January 2025. Currently, the price stands at $100,794 after rising 4.11% from a daily low of $96,150. This is the third time Bitcoin has broken the six-figure mark after first breaking the record on December 5, 2024.
The second peak occurred on January 20, ahead of the inauguration of U.S. President Donald Trump. Furthermore, it is worth noting that Strategy's executive chairman, Michael Saylor, expects BTC prices to rise even further in the long term.
Bitcoin can achieve this when market dominance rises above 60%. This means that investors are currently focusing more on Bitcoin and less on other altcoins.
Previously, during Bitcoin's $100,000 surge in December and January, its dominance was much lower, hovering around 52% and 54%, respectively. Now, this new dominance level indicates a shift in how the market perceives things, which could be a potential challenge for altcoins.
Meanwhile, this increase stems from the ongoing mix in politics and economic reasons. This rise is linked to a potential trade deal between the U.S. and the U.K., which Trump mentioned on May 7 in a post on Truth Social.
Besides political events, the issue of declining bond yields and a weakening dollar seems to have contributed to the price surge. Additionally, interest from institutions continues to rise, with Bitcoin exchange-traded funds (ETFs) seeing $1.8 billion in inflows just in the past week, according to Farside Investor.
Now, the price rally is expected to continue. Ben Caselin, marketing director at VALR, even suggested that Bitcoin could soon surpass the $110,000 mark. He believes that "Retail is just set to enter the later stage of Bitcoin's four-year cycle, potentially peaking in Q4 of this year."
After recent gains, Saylor posted on X, "You can still buy $BTC for under $0.2 million." This implies that people should seize the opportunity to buy Bitcoin now while the price is still below $200,000, a target that Saylor is extremely optimistic about.
Looking at the daily chart, the price surge began after bouncing off a resistance level that turned into support at $93,645. Currently, the Relative Strength Index (RSI) is at 76, indicating that the buyers are in active control.
As Bitcoin maintains its dominance and breaks new records, the future of the cryptocurrency market appears increasingly optimistic. However, experts warn that for this price rally to sustain, it will depend on important upcoming economic data, such as the U.S. budget report and Consumer Price Index (CPI) data.