Bitcoin to $300,000 Isnt a Matter of How but When, Says Pundit as Price Soars Past $103,000
Bitcoin (BTC) kicked off the month with renewed momentum, breaking above $103,000. At press time, the worlds leading cryptocurrency is trading at approximately $103,241, up just over 3.50% over the past 24 hours, according to data from CoinGecko.
Meanwhile, the total crypto market capitalization rose 3.10% over the same period to $3.25 trillion. However, BTCs dominance currently sits at a commanding 61%, indicating that altcoins have lagged.
That said, BTCs surge has reignited bullish sentiment across the market, with popular trader and market analyst Gert Van Lagen confidently declaring that Bitcoins march toward $300,000 is now a question of when, not if.
BTC to ~$300K+ isnt a question of if, but when. The structure is screaming for it identical to what we saw in SPX and Gold before their breakouts. The pundit tweeted.
According to Van Lagen, Bitcoins current price action mirrors a textbook cup and handle pattern, having broken out of both the handle structure and the neckline earlier this year.
Notably, Bitcoins ascent also coincided with a new all-time high for gold, which surged to $3,389 per troy ounce. The rally in both assets reflects growing investor concern over macroeconomic instability, especially amid escalating tensions between the U.S. and China.
This uncertain backdrop has increased demand for alternative stores of value, particularly Bitcoin and gold, as investors hedge against a weakening dollar.
Bitcoins breakout above $87,000 is driven by rising global liquidity, fueled by expanding money supply and renewed institutional interest, explained Dominic John, analyst at Kronos Research.
Additionally, data from Glassnode reveals a sharp uptick in accumulation by large holders. Notably, whales holding over 10,000 BTC are maintaining a strong accumulation trend, with an accumulation score near 0.7. Additionally, the number of wallets holding over 1,000 BTC has climbed to a four-month high of 2,107, levels last seen during the Trump election rally in late 2024, while smaller holders appear to be exiting the market.
Whales are accumulating huge amounts of bitcoin. They know whats coming next, said crypto trader Mister Crypto.
On-chain analytics from Santiment also shows that addresses holding between 10 and 10,000 BTC now control 67.77% of the circulating supply, adding over 53,000 BTC in April alone.
That said, as geopolitical tensions rise and institutional accumulation intensifies, the road to $300,000 is beginning to look less speculative and more inevitable.
Text source: ZyCrypto
