Bitcoin (BTC) reclaimed $97,000 during the current session as the crypto market showed signs of recovery after weeks of subdued price action. The flagship cryptocurrency is up nearly 1% and trading around $97,200 as buyers look to push it beyond the 20-day SMA. BTC’s recovery comes after it fell to an intraday low of $93,437 on Tuesday. The recovery can be attributed to a positive meeting between Donald Trump and Vladimir Putin and the announcement of diplomatic relations between the two countries. BTC Can Remain Bullish Even After 30% Drop According to CryptoQuant CEO Ki Young Ju, Bitcoin (BTC) can drop to $77,000 and maintain its bull market in 2025. Ju suggested a 30% drop would keep the current uptrend at par with historical norms. According to Ju, Bitcoin remains in a bull cycle despite a month of sideways price action and an inability to reclaim $100,000. Despite this, higher levels will persist through the remainder of the year despite its recent sluggishness. Ju stated, “I don’t think we’ll enter a bear market this year. We’re still in a bull cycle. The price would eventually go up, but the range seems broad. I personally think that the bull cycle could continue even with a -30% dip from ATH (e.g., 110K → 77K), as seen in past cycles.” A drop to $77,000 would keep BTC above its previous cycle’s all-time high. The level has become a popular target for traders who want to see the market form a solid support base. Additionally, a CryptoQuant analyst believes BTC was due more price upside during the cycle. The analyst stated that since its halving, BTC has registered a growth of just 60%. “Despite the continuing halving cycle, I’d expect to see a sell in May effect, a sideways summer, and elevated price levels by the last quarter. The positive Q4 seasonality has been repeated in 2013, 2016, 2017, 2020, 2021, 2023, and 2024. A deeper correction could be multiple months or even a year away.” Bitwise Announces Donation To Support Bitcoin’s Open Source Development Asset management firm Bitwise has announced a $150,000 donation to help support Bitcoin’s open-source development. The donation aims to help strengthen the network’s security and boost innovation. The move is part of Bitwise’s commitment to allocate 10% of its gross profits towards charitable causes. The funds will be distributed across three non-profit organizations: Open Sats, Bitcoin Brink, and the Human Rights Foundation (HRF). According to Bitwise, the entities play a crucial role in the Bitcoin ecosystem, promoting decentralized growth and technological advancements. “Today, Bitwise is donating $150,000 to support Bitcoin open-source developers, who work tirelessly to secure and maintain the network. When the Bitwise Bitcoin ETF ($BITB) launched, we committed to donating 10% of its gross profits each year. We’re delighted to make good on that.” Bitcoin To Reach $200,000 In 2025: Anthony Scaramucci Anthony Scaramucci has predicted BTC will surge to $200,000 in 2025, with a potential strategic Bitcoin reserve in the pipeline. Scaramucci made the predictions in an interview, emphasizing that for BTC to establish itself as an asset class, it must reach a market cap of $15-20 trillion. He also discussed Donald Trump’s plans for a strategic Bitcoin reserve, adding that bipartisan support is needed for its approval. However, he was critical of Trump’s involvement in crypto, calling it a distraction from positive regulatory developments. Bitcoin (BTC) Price Analysis Bitcoin (BTC)’s recovery is gaining strength as it inches past $97,500. If BTC can move past $97,500 and $98,000, it opens the door for a move towards $100,000. The price dipped below a key level on February 18. However, it recovered thanks to buying activity at lower levels. BTC was trading in a narrow range last week and registered a substantial recovery on Wednesday after dropping to an intraday low of $94,118, rebounding from this level to register an increase of 2.17% and settle at $97,881. Sellers were back in control on Thursday as BTC dropped 1.24% to an intraday low of $95,315 before settling at $96,663. Buyers attempted a move past the 50-day SMA on Friday as BTC reached an intraday high of $98,929. However, it could not stay at this level and ultimately settled at $97,566 after an increase of almost 1%. Buyers retained control on Saturday, and BTC registered a marginal increase to settle at $97,705. Source: TradingView Sentiment changed on Sunday as BTC dropped 1.51% and settled at $96,225. Sellers retained control on Monday as the price fell 0.48% to $95,767. BTC plunged to an intraday low of $93,430 on Tuesday as selling pressure intensified. However, BTC recovered from this level to reclaim $95,000 and settle at $95,634, ultimately registering a marginal decline. Buyers returned to the market on Wednesday, and BTC rose 0.79% to $96,386. The current session sees BTC up over 1% and trading above $97,500 as it looks to push above $98,000. BTC bulls had not ceded much ground to the bears prior to this week's jump. While indicators were heavily bearish, the recent recovery has seen the RSI move to the verge of moving past the neutral zone. If it is rejected at this level, it would indicate bears still have the upper hand. BTC must reclaim $98,000 and $100,000 for bullish sentiment to return. A break above these levels could set the flagship currency up for a move to $105,000. On the other hand, if sellers retake control, BTC could plunge to $90,000. Buyers are expected to defend this level because a break below it will complete a double-top pattern, leading to a deeper correction. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
