Bitcoin $100K Target After Trump Tariff Pause Supercharges Market Sentiment
Tariff Pause Reinvigorates Bitcoin Ascent Towards $100,000
Optimism for Bitcoin reaching $100,000 has returned as positive market feeling strengthens.
This resurgence follows US President Donald Trump‘s recent decision to temporarily halt tariff increases for countries not retaliating against the US.
The price of Bitcoin (BTC), currently around $81,978, reacted strongly to this announcement, initiating a significant upward movement and increasing anticipation of a surge to $100,000.
Bitcoin Recovers Sharply and Approaches Key Technical Pattern
On April 9th, the price of BTC versus the US dollar jumped approximately 9%.
This increase effectively negated most of the price decreases from earlier in the week, pushing Bitcoin back to test the $83,000 level.
This rally brings Bitcoin closer to confirming a bullish ‘falling wedge’ pattern observed on its daily price chart since December 2024.
Falling Wedge Pattern Points to Potential Upside Breakout
A falling wedge pattern develops as the price declines within a contracting range marked by two descending trendlines.
Typically, this pattern suggests a potential bullish reversal.
The pattern typically resolves when the price breaks decisively above the upper trendline.
The anticipated price rise from such a breakout is often equivalent to the maximum width of the wedge pattern.
As of April 9th, Bitcoin’s price remained within this falling wedge structure, focused on breaking through the upper trendline near $83,000.
Should a breakout be confirmed, analysis indicates Bitcoin’s primary target could reach approximately $100,000 by June.
Conversely, failure to surpass this upper trendline could increase the possibility of Bitcoin falling further within the wedge, potentially declining toward the $71,100 level at the pattern’s apex.
Even a delayed breakout from around $71,100 still suggests a conservative upside target of $91,500 for BTC.
Onchain Metrics Reinforce $100,000 Bitcoin Price Projection
Bitcoin’s recent price recovery occurred just before testing a significant on-chain support range between $65,000 and $71,000.
This rebound reinforces the positive outlook for Bitcoin potentially reaching the $100,000 mark.
Onchain Data Highlights Key Investor Price Levels
These on-chain metrics estimate the average purchase price of Bitcoin for current, actively trading investors.
They exclude coins inactive for extended periods or considered lost, providing a clearer view of the cost basis for current market participants.
Historically, Bitcoin has traded both above and below this price range for roughly equal durations, making it a useful gauge of overall market sentiment, according to analysis from Glassnode.
In a recent market analysis, Glassnode analysts stated that multiple on-chain price models converge around the $65,000 to $71,000 range, identifying it as crucial for bulls to establish solid long-term support.
They cautioned that “should price trade meaningfully below this range, a supermajority of active investors would be underwater on their holdings, with likely negative impacts on aggregate sentiment to follow.”
Also Read: Bitcoin Fuels Energy Deals Between Russia and China During Shifting Geopolitics
