As of April 29, 2025, Bitcoin (BTC) is trading at approximately $94,890, experiencing a slight decline of 0.52% from the previous close. The intraday high reached $95,446, while the low dipped to $93,580.
Bitcoin is once again capturing headlines as it approaches a new all-time high (ATH), with analysts projecting significant price milestones in the coming months.
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đ Momentum Builds Toward $120K
Geoff Kendrick, head of digital assets research at Standard Chartered, forecasts that Bitcoin could reach $120,000 in the second quarter of 2025. He attributes this potential surge to several factors:
Shift from U.S. Assets: Economic uncertainties, including rising tariffs and concerns over Federal Reserve independence, are prompting investors to move away from traditional U.S. assets like Treasurys, favoring Bitcoin instead.
Safe-Haven Appeal: Bitcoin is increasingly viewed as a superior safe-haven asset compared to gold, as evidenced by recent ETF flows.
Institutional Interest: Upcoming SEC 13F filings are expected to reveal increased Bitcoin holdings by pension and sovereign wealth funds, indicating growing institutional adoption.
Kendrick maintains a bullish year-end price forecast of $200,000 for Bitcoin, underlining his confidence in its upward trajectory.
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đ Technical Indicators Support Bullish Outlook
Technical analysis further supports the bullish sentiment:
Price Breakout: Bitcoin has recently broken out of a four-month falling wedge pattern and closed above the 200-day moving average, signaling potential for further gains.
Momentum Indicators: The Relative Strength Index (RSI) is above 50, indicating positive momentum.
Support and Resistance: Key resistance lies at the $100,000 level, where selling pressure could emerge. On the downside, support is seen around $85,000, coinciding with recent breakout levels.
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đď¸ Political Developments Influence Market Sentiment
Political factors are also playing a role in Bitcoin's price trajectory:
U.S. Tariff Policies: President Trump's decision to delay tariffs has restored some investor confidence, contributing to Bitcoin's recent performance.
Federal Reserve Independence: Assurances that Fed Chair Jerome Powell will not be removed have helped stabilize markets, indirectly benefiting Bitcoin.
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đ Diverse Price Predictions Reflect Market Uncertainty
While optimism abounds, price predictions for Bitcoin vary:
Standard Chartered: Projects $120,000 in Q2 2025 and $200,000 by year-end.
Investing Haven: Forecasts a range between $80,440 and $151,200 for 2025.
Changelly: Predicts Bitcoin might fluctuate between $97,203.69 and $100,039.88 in October 2025.
These varying forecasts underscore the inherent volatility and unpredictability of the cryptocurrency market.
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đ§ Conclusion
Bitcoin's approach toward a new all-time high is fueled by a combination of macroeconomic factors, technical indicators, and political developments. While the path forward is fraught with uncertainties, the current momentum suggests that Bitcoin may soon surpass its previous peaks, potentially reaching new heights in the near future.
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