Bitcoin rally nears $100,000

Bitcoin has surged 12% over the past week, reaching above $93,000, fueled by significant inflows into spot Bitcoin (CRYPTO:BTC) exchange-traded funds (ETFs) totaling $912.7 million on April 22, the highest since January 17, according to Farside data.

This momentum has led some analysts to predict Bitcoin could soon approach the $100,000 mark.

However, Markus Thielen, head of research at 10x Research, urged caution, noting that a key stablecoin minting indicator has yet to return to high levels of activity.

“Given that our stablecoin minting indicator has yet to return to high-activity levels, we remain cautious about the sustainability of the current Bitcoin rally,” he said.

Stablecoin inflows often represent “stickier money” or longer-term investment capital, whereas increased futures leverage may indicate short-term speculative trading.

“The absence of strong stablecoin inflows raises questions about follow-through,” explained Thielen, suggesting that the rally might lack a solid foundation.

Despite this, technical analysis points to a falling wedge pattern that could support a move toward $99,000.

Swyftx lead analyst Pav Hundal described the ETF inflows as evidence of a “true, demand-led rally,” distinguishing it from short-lived price spikes driven by futures traders.

“If the news headlines finally quieten, we could break new highs sooner than everyone thinks,” he added.

Market sentiment has been influenced by recent developments in US-China trade relations, with President Donald Trump signaling a softer stance on tariffs.

Thielen highlighted $95,000 as a key resistance level and a “potential trigger point for short-stop liquidations” that could propel Bitcoin higher if market strength continues.

At the time of reporting, the Bitcoin (BTC) price was $93,754.47.