Bitcoin (BTC) continues its spring rally on Friday, and is on track for its strongest weekly show since Trump's election victory.
The largest and oldest cryptocurrency won around $95,000 during US afternoon hours, up 1.8% over the past 24 hours. Ethereum's Ether (ETH) continued closely, earning 2% to over $1,800. SUI's Native (SUI), Bitcoin Cash (BCH) and Hedera's HBAR profited on the Coindesk 20 index, a major market crypto benchmark.
Today's profits have throttled exceptional momentum for the crypto market, which is recovering from its low early April amid tariff turmoil. BTC has grown more than 11% since Monday, launching large market crypto rallies, with the largest weekly profitable since November 2024 when Donald Trump concluded the US presidency.
Read more: Bitcoin traders target nearly $95,000. SUI has been meeting for several days
According to data from SOSovalue, investors' appetites from ETF investors also bounced back strongly. (Friday inflow data will be published later.)
BTC decoupling
Bitcoin's recent strengths in US equities and gold highlight BTC's separation from traditional macro assets, according to David Duong, global research director at Coinbase Institutional.
“We tend to recognize major administration changes in the marketplace in real time, as we benefit from time and reflection,” Duon said in a report Friday. “This week's decoupling of Bitcoin performance with traditional macro asset performance may be as close as we can get closer to such a moment.”
“In our view, this divergence highlights the mature role of Bitcoin as a valuable asset, which is seen by institutional and retail investors as resilient to the macroeconomic forces that affect risk assets more widely,” he writes.
Doung pointed out that more companies are adopting BTC's Ministry of Corporate Treasury, and the paper is gaining attention. Following the success of Michael Saylor's strategy, Twenty One Capital is a new company backed by affiliates from Tether, Bitfinex, SoftBank and Cantor Fitzgerald, and is expected to hold 42,000 BTC at launch.
Due to some of the recent accumulation, liquidity in the BTC market spots is “substantially drained,” Dr. Kirill Kretov, chief strategist at Coinpanel at Trading Automation Platform, said in a telegram memo. The company's own blockchain analysis shows that much of Bitcoin's liquidity has been withdrawn from its aggressive trading addresses, including exchanges since November 2024, exposing the market to volatile price fluctuations.
“The market is thin, vulnerable and easily touching large players,” Krethov said. “For now, a sharp 10% up and down swing could remain the norm.”
Bitcoin route to fresh records
The route could be choppy, but this week's rally is likely to have Bitcoin's next leg innings higher than the new records, said John Glover, chief investment officer at Crypto Lender Ledn.
Based on technical analysis using Elliott Waves, he said BTC has launched its fifth final wave of the multi-year bull market.
Elliott Wave theory suggests asset prices movements in a predictable pattern called waves, driven by collective investor psychology. These patterns usually develop in a five-wave trend. In this trend, the first, third and fifth waves are impulsive gatherings, while the second and fourth waves are correction phases.
Retesting this month's low at $75,000 cannot be ruled out, but Glover is watching BTC climb to the top of the cycle in early 2025, around the end of 2025.
“My expectations are that until the end of this year, there will be a rally between $133 and $136K,” he said.
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