Bitcoin is barreling towards $100,000 over the coming weeks as a crucial breakout with explosive momentum, rising liquidity and a critical breakout that surpasses a bullish Q2 setup.
Bitcoin Eyes $100,000 a week – Strategists Map Bullish BTC Setups via Q2
Matt Mena, Crypto Research strategist at Asset Management Firm 21Shares, commented on the incredible strength of the US employment report in April. The report revealed that the economy has added 177,000 jobs, extending its profit streak for 52 consecutive months, and the unemployment rate remains stable at 4.2%. Mena said: “Even though employment growth has slowed modestly, the data has become stronger than expected. It facilitates concerns from a recent recession and encourages rebounding market sentiment.” He said the S&P 500 has rebounded 5,600 in the past since its release and is currently heading towards 5,700.
Turning to digital assets, MENA said that an updated appetite for risk is benefiting Bitcoin. He explained:
This updated risk-on mood sets the stage for Bitcoin to run for $100,000. The $95,000 level has been a key zone of resistance in recent weeks, but momentum has accelerated quickly as BTC clears it with a strong volume.
Mena added that Bitcoin is acting in line with the broader macro trends. “With high stocks and high liquidity expectations, Bitcoin behaves like a high beta macro asset that is limited to investors’ desire for risk and reflection trade.”
Market expectations for monetary policy have changed significantly in recent weeks, according to 21Shares Research Strategist. “The market is priced 65% of the time, with a 4-5-rate reduction by the end of the year, which rises to just 30% a month ago. He also said, “The global M2 liquidity surge is again reflected in Bitcoin’s price action with a 12-week delay, but it’s starting to appear on the charts.”
To conclude his outlook, the strategist emphasized Bitcoin’s bullish momentum.
With its strong technical momentum, Dubu’s macro background, and new equity strength, Bitcoin appears to be poised to challenge the $100,000 level in the coming weeks. If the risk appeal continues and liquidity flows remain supportive, BTC can regain a record high of 108K by the end of the quarter.