The price of Bitcoin has crossed the $100,000 price, trading above the $103,000 mark, reflecting renewed bullish sentiment among investors.
The world’s largest crypto first had initially surpassed the $100,000 price in December 2024, as it surged steadily following pro-crypto Donald Trump’s November election win. BTC eventually peaked near $109,000 in the hours before Trump’s inauguration on January.
Soon after, Bitcoin bullish momentum began to fade off, which was followed by a steady decline followed in ensuing weeks, with Bitcoin hitting as low as $75,000 in early April amid President Trump’s volatile tariff policy. However, prices have since rebounded, with the cryptocurrency breaking through the six-figure milestone.
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With Bitcoin’s current price, data from CoinGecko revealed that the price of the crypto asset spiked to a local high of $103,461 today before slumping back to its current price of around $102,734, up 3.8% on the day and 6% on the week.
U.S. President Trump teased a “major trade deal” on his Truth Social media site that would represent a diplomatic milestone following the economic tensions triggered by punitive tariffs imposed on the so-called “Liberation Day.” The news came as U.S. Treasury Secretary Scott Bessent is set to travel to Switzerland for talks with Chinese officials, the first trade discussions since Trump’s tariffs announcement.
Meanwhile, asides Bitcoin’s bullish move, altcoins also saw significant gains. Ethereum surged 22%, XRP increased by 8.7%, and Solana rose 9.7%, among other notable movers. The global cryptocurrency market capitalization climbed 6.65% to $3.22 trillion, according to CoinMarketCap.
One of the most significant drivers behind this recent rally has been the substantial inflows into Bitcoin Exchange Traded Funds (ETFs). This influx signifies a growing acceptance of Bitcoin as a legitimate asset class among institutional investors, who are increasingly allocating portions of their portfolios to the cryptocurrency.
As bullish momentum continues to build up, Geoffrey Kendrick, Standard Chartered’s head of digital assets, has updated the bank’s Q2 price target for Bitcoin.
In a recent email to clients on May 8, Kendrick apologized for previously forecasting that Bitcoin would hit an all-time high of $120,000 by the second quarter, now suggesting that the price call may have been far “too low.”
In a report last month, he noted that he anticipated the price of Bitcoin to reach a new record high of $120,000 in the second quarter of 2025 on the back of a strategic asset reallocation away from US assets, regulatory headwinds, and aggressive accumulation by whales.
Kendrick now sees his earlier $120,000 price call as “very achievable” as market conditions have changed again.
Also speaking, Ashish Singhal, Co-founder of CoinSwitch, attributed Bitcoin’s resurgence to a combination of global policy changes, institutional confidence, and macroeconomic factors. He noted that the optimism surrounding U.S.-China and U.S.-U.K. trade talks, along with steady interest rates by the U.S. Federal Reserve, has had a positive impact on Bitcoin as a digital risk asset.
“Bitcoin’s recovery reflects a global convergence of policy shifts and institutional confidence,” Singhal said. He also highlighted the U.S. government’s decision to establish a Strategic Bitcoin Reserve earlier this year, marking a historic embrace of digital assets at the sovereign level. This move, along with recent Bitcoin Strategic Reserve bills passed in Arizona and New Hampshire, signals growing support for Bitcoin at a policy level.
With Bitcoin now firmly above that coveted milestone, traders and investors are repositioning for further potential upside as optimism for more trade deals between the U.S. and its allies grows.
