Bitcoin Could Break Above $100,000, Says Analyst, As Key Indicator Spikes After Latest Rally

Cryptocurrency analytics firm 10x Research saw a realistic possibility of Bitcoin (CRYPTO: BTC) reclaiming $100,000, following the apex coin's strong recovery in recent days.

What happened: In its latest analysis, the firm attributed the rally primarily to a surge in futures leverage, as the Open Interest in Bitcoin futures rose from $22 billion to $29 billion

10x Research also drew attention to the "strongest day" of inflows into Bitcoin exchange-traded funds, totaling $936.43 million on April 22, since mid-January.

"If Bitcoin ETF inflows accelerate and stablecoin minting resumes, as investor confidence returns and Trump's tariff threats prove more rhetoric than reality, Bitcoin could plausibly break above the $100,000 mark," the firm projected.

The analysts identified $95,000 as a critical resistance zone and a possible trigger point for short-stop liquidations, which could further drive up the price of Bitcoin.

See Also: SEC Zooms In On Nayib Bukele-Led El Salvador’s Crypto Regulation Model

Why It Matters: The upbeat forecast comes as the leading digital asset rebounded sharply this week, pushing through the $94,000 mark for the first time since early March.

Bitcoin's Fear & Greed Index has flipped from "Fear" to "Greed," signaling increased optimism and risk-taking.

In a statement to Benzinga, Ishan Bhaidani, co-founder at Web3 agency SCRIB3, and the person known for identifying the early fall of the FTX exchange, anticipated a "sharp" V-shaped recovery for Bitcoin over the next 6-12 months.

"Historically, in crypto, we’ve actually seen BTC be quite reflexive when we see ‘bear markets' that are in response to macroeconomic factors (think COVID in 2020) rather than bear markets that are caused by structural issues within crypto (FTX, Mt. Gox, ICO Bust, etc) that lead to prolonged market downturns," Bhaidani said.

He also predicted that once macroeconomic bottlenecks, such as trade deals with U.S. partners, were addressed, Bitcoin would be well-positioned to reach new all-time highs by the end of the year.

Price Action: At the time of writing, Bitcoin was exchanging hands at $92,436.21, down 1.84% in the last 24 hours, according to data from Benzinga Pro.

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