Bitcoin Tops $100K for First Time in 3 Months; Are Upside Targets Too Low?

By: coindesk|2025/05/08 16:00:05
0
Share
copy
Bitcoin is back in six figures, continuing yet another of its famous zigs when most were expecting a zag.To review, the world's largest crypto first pushed through $100,000 in December as it rallied hard following Donald Trump's November election victory. The price eventually rose above $109,000 in the hours prior to the Trump inauguration on Jan. 20.With the bulls furiously revising their upside price targets higher, things began to crack at that moment. What followed in ensuing weeks was a steady decline, which reached its denouement at just under $75,000 in the panic following Trump's early April announcements of punitive tariffs against U.S. trading partners.The carnage in many altcions was far worse. Solana (SOL) and ether (ETH), for instance, had peak to bottom declines of more than 60%.Prices have quickly reversed since, though, with traditional markets joining crypto in looking past the tariff shock. As with bitcoin, the Nasdaq and S&P 500 are both currently at higher levels than prior to Trump's Liberation Day.This latest push to above $100,000 appears to be due to a trade deal between the U.S. and UK.It's all about the flows"The dominant story for bitcoin has changed again," wrote Standard Chartered's Geoff Kendrick in a note Thursday morning. "It is now all about flows. And flows are coming in many forms."Kendrick took note of the well-reported story about surging inflows into the spot bitcoin ETFs of late. These are sometimes dismissed thanks to a sizable chunk of those flows being offset by basis trades (where hedge funds put on an equal short of bitcoin futures and bank a small yield). Kendrick, however, argued that basis trades have barely moved higher during this latest bout of inflows, suggesting real money is moving into the ETFs.The 13F institutional reporting of not just spot BTC ETF holdings, but also ownership of major corporate bitcoin holder Strategy (MSTR) will begin rolling in one week from now, and Kendrick expects further confirmation of important players boosting their allocations."I apologize that my $120,000 second quarter target may be too low," concluded Kendrick.

You may also like

Former ByteDance employee's account: How I started with two Pinduoduo hard drives and made six times the profit with Seagate to achieve financial freedom?

A programmer from a big tech company bought hard drives on Pinduoduo and, following clues, managed to accurately capture the sixfold rising stock Seagate using the "finding daily anomalies + 13F institutional verification" framework, making a wild profit of $400,000 and achieving financial freedom.

MiCA reshuffle begins, Binance temporarily bids farewell to the EU

What Binance leaves behind is not scattered retail investors, but a whole batch of high-value users who are forced to liquidate and have almost nowhere to go.

How does Gate redo "buying and selling stocks" from the cryptocurrency world to the stock market?

The competition logic of exchanges has changed.

Visa and Mastercard join 140 giants to launch a new stablecoin, but the impact on the market landscape may still be limited

As an important milestone event in the stablecoin landscape, OUSD is likely to change the existing stablecoin landscape and significantly increase the adoption rate of stablecoins in the global financial system.

Circle CEO responds to OUSD's challenge: Stablecoins are a winner-takes-all business, and we will not slow down

OUSD was jointly launched by more than 140 giants, causing Circle's stock price to plummet in a single day. Circle's CEO personally wrote a response, clarifying USDC's moat from three aspects: network effects, liquidity, and regulation, and dismantling OUSD's three selling points of "free redemption...

Argentina vs Cape Verde: When a Record-Breaking Legend Meets an Unbreakable Underdog

WEEX exclusive pre-match analysis of Argentina vs Cape Verde, exploring Messi-led Argentina’s dominance and Cape Verde’s historic defensive breakout, with a breakdown of volatility, structure, and match dynamics.

Popular coins

Latest Crypto News

Read more
iconiconiconiconiconiconicon
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com