Bitcoin Approaches $95,000: Are We on the Verge of a Bull Run?
April 29, 2025 – By Jocelyn Fernandes
Bitcoin, the world’s largest cryptocurrency, has seen a significant price surge, trading at approximately $94,662.19 early Tuesday morning. This represents a 1.16% increase in the past 24 hours, prompting speculation within the financial community about the possibility of an impending bull run in the crypto market.
Market Movers and Trends
As of 9 AM IST on April 29, Bitcoin’s market capitalization also saw an uptick, climbing 1.06% to reach $1.87 trillion, with a trading volume of $32.12 billion. Analysts attribute this upward trend to several factors, including robust institutional demand and recent developments regarding Bitcoin exchange-traded funds (ETFs). Notably, there are indications of positive shifts in crypto-related policies in the United States under the administration of former President Donald Trump, including plans proposed by the state of Arizona to explore investments in Bitcoin as a treasury asset.
Alankar Saxena, Co-founder and CTO of Mudrex, remarked on Bitcoin’s current trajectory, noting that it is testing the critical $95,000 mark. He pointed to notable institutional activities, such as a strategy that recently added $1.4 billion worth of Bitcoin to its holdings and forecasts from Standard Chartered predicting potential highs of $120,000 in the near future.
Overall Crypto Market Performance
The broader cryptocurrency market capitalisation rose to $2.97 trillion on April 29, an increase of 1.59% from the previous day. The total trade volume surged by 47.79%, reaching $89.69 billion, reinforcing a sense of growing activity and optimism in the market.
According to Alex Kuptsikevich, Chief Market Analyst at FxPro, the market has stabilized around the $2.97 trillion mark but exhibits caution. “The sentiment in the markets is neutral,” he stated, explaining that traders appear to prefer upward trends with relatively long stop-loss measures in place.
The current data shows that decentralized finance (DeFi) contributes $6.31 billion, or 7.03%, to the total crypto market. Meanwhile, stablecoins represent a significant portion of the market at $83.77 billion, accounting for 93.40% of the trading volume. Bitcoin retains a dominant market share of 63.37%, reflecting a minor decline of 0.03% in the past 24 hours.
Altcoin Landscape
Ether, the second-largest cryptocurrency by market cap, is trading at $1,795.46, marking a rise of 1.29% with a market cap of $216.76 billion and trade volume of $15.84 billion. Kuptsikevich noted that Ethereum has struggled with resistance levels around the 50-day moving average near $1,800 but is showing signs of potential breakout as whale activities have surged significantly.
In contrast, other altcoins are facing challenges: Solana is priced at $147.52; Binance Coin remains below $610; and Dogecoin and Cardano are still under their respective resistance levels of $0.18 and $0.72. ## Outlook for Bitcoin and the Crypto Market
Market analysts have their sights set on potential catalysts that could push Bitcoin past the $100,000 threshold. Saxena mentioned upcoming macroeconomic data, including reports related to personal consumption expenditures (PCE), the Institute for Supply Management (ISM), and employment figures, which could provide the necessary momentum if they align with market expectations.
Observations from the bitcoin options market reveal a preference for call options at the $95,000 strike price for late April and May, suggesting a solid appetite for risk among investors.
Furthermore, Cathie Wood’s Ark Invest has released bullish projections for Bitcoin, positing a price of $2.4 million by the end of 2030, predicated on institutional acceptance and widespread adoption. Citigroup has echoed similar sentiments, highlighting that 2025 may mark a significant year for institutional blockchain adoption, with stablecoins likely to drive growth.
Standard Chartered also offers a promising outlook, forecasting Bitcoin to potentially reach around $120,000 in the second quarter of 2025 and potentially hitting $200,000 by year-end.
Conclusion
As Bitcoin nears the pivotal $95,000 level, the consensus among experts seems to lean towards optimism. However, as the market waits for influential macroeconomic data, the coming days could prove critical in determining whether this will lead to a sustained bull run in the cryptocurrency market.
Disclaimer: The analysis and opinions expressed are those of individual analysts and do not constitute investment advice. Always consult a qualified financial advisor before making investment decisions.
For further updates on the cryptocurrency market, stay tuned to our Business News section.
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