Key Insights:
- Bitcoin faces key resistance between $88K and $91K.
- Liquidity, tariffs, and a weak dollar drive BTC demand.
- Influencers target $150K; eyes on May FOMC meeting.
Bitcoin (BTC) price bounced back to $93,000 on April 22, gaining 12% in a week. Bulls are targeting further gains, driven by technical strength, ETF inflows, and U.S. political shifts.
BTC surged past $93,000 for the first time since March 3. It reached a daily high of $93,911 on April 23, according to TradingView data.
Bitcoin price last traded at $93,431, up over 5.6% in 24 hours. Traders linked this surge to a technical breakout and better macro conditions. This includes a more dovish approach from U.S. President Donald Trump.
Bitcoin Price Eyes $100K amid wave count and ETF optimism
BTC rally coincided with the breakout from a falling wedge pattern, supported by a textbook Elliott Wave setup. The fourth wave seems to have concluded, setting the stage for the fifth wave.
This wave suggested an upside target of $102,678. It aligns with the 1.618 Fibonacci extension from the November 10 swing low.
The bullish outlook intensified after Bitcoin price flipped $90,000 from resistance into support. TradingView analysis suggested this rally aligns with historical trends. Breakouts from falling wedges tend to accelerate, particularly in the fifth wave of the Elliott structure.
Further strengthening the case, Bitcoin ETFs saw net inflows of $381.3 Million on April 21 across all 11 spot products. The move marked the highest daily inflow since early March, reflecting improved institutional sentiment.
Traders, influencers diverge on short-term trajectory
While some market participants expect consolidation, others predict an aggressive continuation. Trader Credible Crypto emphasized the importance of holding above current levels.
“This would require a pullback on $BTC to get it imo, but something like this would be very healthy and a great chance to top off bags if we get it,” he said.
Crypto Faibik pointed out the year’s most significant short liquidation. He also jabbed at bearish traders who went short below $75,000.
“Those who were stupidly bearish at $75K and kept waiting for a dip will now start buying in out of FOMO,” he said.
Meanwhile, DaCrypto General affirmed the breakout of BTC. He wrote, “The BTC is finally above 90k and if it sustains above it for the next 2 days, 96k is the next stop and eventually my target is 100k.”
Trump comments shift macro narrative
Bitcoin price gains arrived as traditional markets also rallied. The S&P 500 rose 2.51%, the Nasdaq added 2.87%, and the Dow Jones gained 2.66% on April 22. President Trump’s remarks indicated a softer approach on tariffs and monetary policy.
During a press briefing, Trump said he had “no intention of firing” U.S. Federal Reserve Chair Jerome Powell. Days earlier, Trump threatened Powell’s removal from Truth Social.
The change in tone spurred market optimism. Economist and trader Alex Krüger commented, “Trump just ticked most de-escalation/bullish boxes.”
Trump also signaled a potential reduction in tariffs on Chinese goods, a move seen as market-friendly. Crypto commentator Brandon echoed that sentiment, saying the latest statements were “bullish” for risk-on assets, including Bitcoin.
Market sentiment enters “belief phase”
Bitcoin’s current move suggests the market is transitioning into the belief phase, according to analyst @cas_abbe. He dismissed $109,000 as the cycle top and projected further gains.
“I think euphoria will most likely be hit in Q4 2025 or Q1 2026 with BTC pumping above $180,000,” he posted.
In a related observation, commentator Michael Sullivan described April 22’s rally as the “craziest one-minute candle” he had ever seen. BTC jumped from $91,500 to $93,000 in less than 60 seconds, triggering bullish momentum across altcoins and derivatives.
Bitcoin traders appear divided between caution and conviction. Bitcoin price stability above $90,000 and consistent ETF inflows support its upward trajectory. Technical indicators suggest the path to $100,000 remains well within reach.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
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