Bitcoin nears $95K as momentum builds; Standard Chartered projects $120K target for Q2

Bitcoin (BTC) has seen a steady incline in the past week, with the most valued crypto surging 7.38% as positive institutional developments continue to boost sentiment, with Strategy adding $1.4 billion worth of BTC to its holdings and Standard Chartered projecting a rally towards $120,000 in the near term.

The BTC chart analysis shows that it has been climbing from around $88,410 to a recent high of $95,548 during Monday’s rally, exhibiting a strong upward trend. The current price shows BTC holding steady at $95,055.36, up 0.32% in the past 24 hours, with its market cap at $1.8 trillion. Volume analysis shows genuine buying pressure, with 24-hour volume at $19.48 billion.

Alankar Saxena, Co-founder and CTO of Mudrex, says investors are now looking for a catalyst to fuel a decisive move toward the $100,000 mark. "Upcoming macroeconomic data, including PCE, ISM, and jobs reports, could provide the needed momentum if they meet market expectations. Meanwhile, Ethereum is showing strong signs of a breakout, with whale inflows surging by 2,682%, signalling a potential move towards the $2,000 level."

Piyush Walke, Derivatives Research Analyst, Delta Exchange, says Bitcoin remains in a consolidation phase, with the $96,000 level acting as a key resistance point. “This upper boundary sits near the top of its recent trading range, suggesting that a breakout could be on the horizon if upward momentum persists. Prices remain elevated, and the market appears to be positioning for another move higher.”

The recent close above the 200-day moving average marks a potential shift toward bullish momentum, further supported by the Relative Strength Index (RSI) staying above 50. These technical indicators underscore growing investor confidence in a possible upward breakout. “Bitcoin now stands at a critical inflection point. A decisive move above $100,000 could open the door to new all-time highs. Conversely, failure to hold key support levels could trigger a broader correction,” says Walke.

“Bitcoin’s uptrend is building momentum, with hopes running high for a breakout beyond earlier all-time highs,” says Avinash Shekhar, Co-Founder & CEO, Pi42, adding that eyes are now set on the next significant levels of resistance. “Bitcoin’s price action closely resembles earlier patterns that have tended to lead to large rallies. Indications from the golden ratio multiplier indicate that Bitcoin could surge up to $124,000. Despite periodic market corrections, the overall sentiment is extremely bullish, driven by growing institutional demand, positive macroeconomic factors, and improving fundamentals.”

Data from the CoinSwitch Markets Desk shows the cryptocurrency market displayed resilience amid global economic uncertainties. The Bitcoin (BTC) rally above $94.5K was bolstered by Standard Chartered’s projection of a potential rise to $120,000 in the second quarter, driven by a strategic shift of investors away from U.S. assets. “Monero (XMR) saw a significant 40% price spike following reports of a $330 million BTC hack, where the stolen funds were allegedly laundered through XMR. Institutional interest continued to grow, with Coinbase announcing a Bitcoin Yield Fund targeting 4%-8% annualised returns for non-U.S. investors, utilising strategies like basis trading and options. Additionally, Strategy (MSTR) expanded its Bitcoin holdings by purchasing 15,355 BTC, bringing its total to 553,555 BTC, valued at over $52 billion.”

‘Bitcoin could hit $120,000 in Q2’

As investors drive strategic re-allocation away from U.S. assets, BTC could hit as high as $120,000 in the second quarter of 2025, according to Geoffrey Kendrick, Standard Chartered’s global head of digital assets research. “A number of indicators support our view that Bitcoin is headed for the next leg higher. U.S. Treasury term premium (which has a close correlation to BTC) is at a 12-year high. Time-of-day analysis suggests that U.S.-based investors may be seeking non-U.S. assets. Meanwhile, Bitcoin accumulation by ‘whales’ (major holders) has been strong. ETF flows in the past week suggest safe-haven reallocation from gold into BTC,” he said in the report published on Monday.

Bitcoin had hit its all-time high of $108,786 on January 20, 2025, though the crypto saw a massive decline post Trump’s orders on tariffs, especially with regards to China, hitting $76,273 on April 9, 2025. The recovery has also been pushed by the “whale” investors, who hold more than 1,000 Bitcoin and have continued their buying strategy despite the U.S. tariff threats.