Bitcoinโs 12% rally over the week and a surge in related exchange-traded fund inflows have analysts thinking it could soon reach $100,000, but one crypto analyst has said to temper hopes as a key indicator is still giving mixed signals.
โGiven that our stablecoin minting indicator has yet to return to high-activity levels, we remain cautious about the sustainability of the current Bitcoin rally,โ 10x Research head of research Markus Thielen said in an April 23 markets report.
Stablecoin absence may limit Bitcoin upside
Thielen explained that a measured move from the falling wedge pattern, which traders perceive as a potential bullish reversal signal, shows that Bitcoin (BTC) may reclaim $99,000.
He added, however, that โthe absence of strong stablecoin inflows raises questions about follow-through.โ
Bitcoin was trading at $93,133 at the time of writing, up 11.42% over the past seven days, according to CoinMarketCap.ย
Thielen told Cointelegraph that stablecoin inflows โtend to correlate strongly with stickier money, while an increase in futures leverage could simply mean that fast traders are taking advantage of a quick move higher.โย
Spot Bitcoin ETF inflows surge, a true โdemand-led rallyโ
It comes as spot Bitcoin ETFs in the US posted inflows of $912.7 million on April 22, the highest level since Jan. 17, according to Farside data.
Swyftx lead analyst Pav Hundal told Cointelegraph that the inflows suggest โthis is a true, demand-led rally. Not just a hot flash of excited futures traders moving price.โ
โIf the news headlines finally quieten, we could break new highs sooner than everyone thinks. A fast track to $100,000 looks plausible, but things change quickly in a Trump presidency.โ
Thielen said if uncertainty continues to decline, โa further acceleration could provide the liquidity needed to support a more sustained rally.โ
Related: Bitcoin risks 10%-15% BTC price dip after key rejection near $89K
The crypto market has experienced volatility and broader financial markets since US President Donald Trump imposed tariffs in early February.ย
However, Trumpโs recent comments have traders speculating that heโs softening his stance on the trade war, with some seeing this as bullish for markets.
Thielen said the $95,000 price level is a key resistance level for Bitcoin and a โpotential trigger point for short-stop liquidations.โ
He said it could push Bitcoinโs price higher if market strength continues.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
