Bitcoin$BTC
Breaks Back Above $100K—Is the Market Underestimating the Upside?
After a sharp drop to $75,000 in early April, Bitcoin$BTC has bounced back impressively, topping $100,000 for the first time in three months.
This recovery follows initial market turmoil sparked by President Donald Trump’s tariff announcements on what he dubbed “Liberation Day.” That policy shift rattled both crypto and traditional markets—but the bounce back has been swift. Today, Bitcoin trades firmly in six-figure territory once again, mirroring strong recoveries in the Nasdaq and S&P 500.
Earlier this cycle, Bitcoin$BTC first surged past $100K in December on the back of Trump’s electoral victory. It reached over $109K just ahead of his January inauguration before sentiment reversed. The post-inauguration slide saw sharp sell-offs not only in Bitcoin but also in major altcoins like Ethereum and Solana, both of which dropped over 60%.
Now, the tide has turned. Fueling this renewed momentum is a possible U.S.–U.K. trade agreement, which has helped calm inflation fears and reopen the door for risk-on assets.
Follow the Flow
According to Geoff Kendrick at Standard Chartered, the current rally isn’t just a technical bounce—it’s being driven by inflows.
"Flows are now the dominant force,” Kendrick said in a Thursday note. He pointed to the recent surge in spot Bitcoin ETF activity, arguing that real institutional money—not just hedge fund basis trades—is behind it.
Kendrick also highlighted the upcoming 13F filings, which will shed light on institutional positions in spot BTC ETFs and shares of MicroStrategy (MSTR), a major corporate Bitcoin holder. These disclosures, expected next week, may offer further confirmation that large players are significantly increasing their Bitcoin exposure.
His closing remark? “I might have underestimated the momentum. My $120K target for Q2 may already be looking too low.”
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