Bitcoin (BTC) maintained its upward momentum on Friday, positioning itself for its most robust weekly performance since Donald Trump’s election victory.
The leading and most established cryptocurrency reached approximately $95,000 in the afternoon in the U.S., reflecting a 1.8% increase over the last 24 hours. Ethereum’s ether (ETH) experienced a notable increase, rising by 2% to settle slightly above the $1,800 mark. Sui’s native token (SUI), Bitcoin Cash (BCH), and Hedera’s HBAR emerged as the top performers in the CoinDesk 20 Index, which tracks the broader cryptocurrency market.
Today’s gains mark a significant milestone for cryptocurrency markets, which have been on a remarkable recovery trajectory since the lows experienced in early April, amidst ongoing tariff challenges. Bitcoin has surged more than 11% since Monday, marking its most significant weekly increase since November 2024. It coincides with Donald Trump’s election as U.S. president and the onset of a widespread rally in the cryptocurrency market.
Investor interest among ETF participants has surged significantly, with U.S.-listed spot bitcoin ETFs witnessing net inflows of $2.68 billion this week, marking the highest level since December, as reported by SoSoValue data. The inflow data for Friday is set to be released later today.
Bitcoin appears to be moving independently from traditional market trends.
According to David Duong, the global head of research at Coinbase Institutional, Bitcoin’s recent performance compared to U.S. stocks and gold highlights its separation from conventional macro assets.
“Witnessing market inflection points in real time is a rarity, as significant regime shifts are typically recognised only with the advantage of time and reflection,” Duong stated in a report released on Friday. This week marked a significant divergence in bitcoin’s performance compared to traditional macro assets, potentially representing a pivotal moment in cryptocurrency.
“This divergence underscores bitcoin’s evolving status as a store-of-value asset, increasingly recognised by both institutional and retail investors as resilient to the macroeconomic forces impacting risk assets more broadly,” he stated.
Doung observed that the thesis is increasingly resonating, as many companies integrate Bitcoin into their corporate treasuries. In a move reminiscent of Michael Saylor’s successful strategy, Twenty-One Capital, a newly established firm with backing from Tether, Bitfinex, SoftBank, and a Cantor Fitzgerald affiliate, is set to launch with a significant holding of 42,000 BTC.
Dr. Kirill Kretov, the lead strategist at trading automation platform CoinPanel, reported in a Telegram note that liquidity in the spot BTC market has been “significantly drained” due to recent accumulation. A recent analysis of the firm reveals that a significant amount of bitcoin liquidity has been removed from actively transacting addresses, including exchanges, since November 2024. This trend has raised concerns about potential volatile price fluctuations in the markets.
“The market is thin, vulnerable, and easily influenced by major players,” Kretov stated. “Volatility in the market, characterised by sharp swings of 10% in either direction, is expected to persist for the foreseeable future.”
Bitcoin’s path towards new all-time highs
Despite potential turbulence along the way, this week’s rally is anticipated to mark the beginning of bitcoin’s next ascent towards new all-time highs, according to John Glover, chief investment officer of the crypto lending platform Ledn.
According to his technical analysis employing Elliott Waves, he indicated that Bitcoin has commenced the fifth and final wave of its multi-year bull market.
Elliott Wave theory posits that asset prices fluctuate in discernible patterns known as waves, influenced by the collective psychology of investors. The patterns generally develop in five-wave trends, characterised by impulsive rallies in the first, third, and fifth waves, contrasted with corrective phases in the second and fourth waves.
As the market approaches this month’s low of $75,000, the possibility of retesting this level remains. However, Glover anticipates that Bitcoin will reach a cycle peak in late 2025 or early 2026.
“I anticipate a rally reaching between $133,000 and $136,000 by the end of this year and into the beginning of the next,” he stated.