Bitcoin extended its winning streak for six consecutive weeks in support of new optimism after President Donald Trump announced a trade deal with the UK.
Bitcoin (BTC) was trading at $103,700 in its last check on Saturday, but it would need to rise just 4.4% to reach its all-time high.
Top US and Chinese officials are currently in Switzerland. This is about to reach an agreement that will lead to a decline in tariffs.
The Beijing delegation to the Swiss talks is led by Deputy Prime Minister Lifeeng, a close ally of Xi Jinping, who is expected to take a tough stance against Trump’s escalating trade attacks.
The hope is that trade contracts between the United States and its top trading partners (i.e. China, the European Union, Canada, Mexico) reduce the risk of recession and increase the possibility of a Federal Reserve cut.
Top analysts are extremely bullish on Bitcoin. In a note to clients this week, the analyst with a Standard Charter apologised for the $120,000 price target, claiming it was too low. They still hope that Bitcoin will finish the year at $200,000.
BlackRock, the world’s largest asset manager, predicts that Bitcoin price will skyrocket to $700,000 over time. In the September white paper, Analysts noted that Bitcoin has become a safe stock asset that is unrelated to stocks. They also highlighted its strong performance compared to stocks after major crises such as the Covid-19 pandemic and the Russian-Ukraine war.
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Cathie Wood’s Ark Invest believes Bitcoin price will rise to $2.4 million by 2030. This is a move to bring the diluted valuation to $50.4 trillion. That rating will be greater than the US and China’s GDP, together.
Popular founder of FundStrat Tom Lee believes Bitcoin will jump to $250,000 this year, while Chamath Palihapitiya thinks it will jump to $500,000.
Author of Robert Kiyosaki Rich dad, poor dad, Watch it jump to $250,000.
In this week’s memo, Kiyosaki continued to argue for a Bitcoin lawsuit via gold and silver for a supply cap of 21 million.
Why Bitcoin is a better asset than gold and silver:
One reason I trust Bitcoin is that there are only 21 million people.
I own a gold and silver mine and oil wells.
If the price of gold, silver or oil rises, I simply mine or drill and expand my supply.
I…
-May 7, 2025
The underlying theme for most analysts is the rise in demand for Bitcoin. This is evidenced by the $40 billion inflow into ETFs. At the same time, the supply of Bitcoin for exchanges continues to decline, reaching its lowest level in five years.
Bitcoin price technology analysis
BTC Price Chart | Source: crypto.news
The weekly chart shows that Bitcoin has remained on the uptrend for a long time. That recent retreat found substantial support at the uptrend line connecting its lowest swing since November 2022.
Bitcoin also remains above the top of the cup, with the pattern being $68,835, a 50-week moving average. It now has to surpass its all-time high at $109,300, with more profits continuing.
The potential price target for this cycle is $123,000. This is derived by measuring the depth of the cup and then measuring the same distance from the top.
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