Bitcoin has reclaimed significant ground, surging above $87,400 on April 21, marking its highest price since March 28. The digital gold climbed more than $3,000 from an intraday low of just over $84,000 on April 20, reflecting a 16% gain since its 2025 low of just below $75,000 on April 9. This breakout has ignited fervent discussions among crypto enthusiasts, particularly on an X thread titled “Bullrull”, where many are heralding the price movement as the potential start of a new bull run.
The recent price action follows a period of consolidation and recovery after an early April slump. The coin dropped to $78,000 amid global market uncertainties due to Trump’s blanket tariff, including a sharp 5.7% drop in the S&P 500. Analysts point to a breakout from a falling wedge pattern, a technical formation often associated with bullish reversals, as a key driver of the current momentum. Posts on X, including one from user @kenty_mwas, noted that this breakout could propel Bitcoin toward six figures by May if the trend holds.
Macroeconomic factors are also fuelling the rally. Its surge coincides with a weakening U.S. dollar and gold reaching a new all-time high of $3,357 per ounce on April 17. Historically, Bitcoin has shown a tendency to follow gold’s price movements, with analysts citing past cycles where gold’s record highs preceded parabolic Bitcoin rallies. For instance, gold’s 2020 peak near $2,075 was followed by Bitcoin’s climb to $69,000 in 2021. This correlation has led some to predict Bitcoin could enter a parabolic phase in the latter half of 2025, potentially reaching as high as $400,000.
Dominick John, an analyst at Kronos Research, attributed the breakout to a “tick up in global liquidity,” driven by an expanding M2 money supply and renewed institutional interest. This sentiment was echoed in an X post by @KronosResearch, which highlighted these factors as key catalysts. Additionally, the growing correlation between Bitcoin and gold as macro hedges has prompted some to forecast a $155,000 price target for BTC.
Institutional and whale activity bolsters Bitcoin bull run optimism
Institutional adoption continues to play a pivotal role in Bitcoin’s price stability and growth. Metaplanet’s recent purchase of 330 BTC underscores the increasing interest from corporate entities. Similarly, Strategy, a company led by Bitcoin advocate Michael Saylor, has been a significant player, with over 13,000 institutions and 814,000 retail accounts holding direct exposure to its Bitcoin-focused stock. The strategy’s inclusion in the Nasdaq 100 in December 2024 has further channelled traditional finance capital into the Bitcoin market, contributing to its upward trajectory.
Bitcoin whales, large holders with significant market influence, have also been accumulating. Since March 11, whales have added 129,000 BTC, signalling confidence in future price appreciation. This accumulation, coupled with Bitcoin ETF inflows described as “impressive” by Bloomberg analyst Eric Balchunas, has helped stabilise the market and fuel speculation of a $100,000 price by May.
Meanwhile, the term “Bullrull,” referring to an upward rally of a digital asset currently trending on the X thread, encapsulates the enthusiasm among crypto traders and investors. The thread, amplified by posts like one from @bullruNews, reflects a community abuzz with optimism. Users such as @HoltTrading have suggested that a break past $87,500 could confirm the start of a full-fledged bull run, a sentiment shared by many in the crypto space.
However, not all voices are unequivocally bullish. Analysts on X, including @0xMilker and @AI_Crypto_Nexus, have urged caution, warning that market fundamentals need stronger alignment before a sustained bull run can be confirmed. They cite lingering uncertainties, such as recent market irregularities like the $1.4 billion Bybit hack, where 944 BTC worth $90 million was funnelled through the Wasabi mixer.
Despite the optimism, the coin faces technical and macroeconomic hurdles. The cryptocurrency has been trading between the 20-day exponential moving average ($83,463) and the 200-day simple moving average ($87,857), indicating a battle between bulls and bears. A sustained close above $87,740, the 200-day exponential moving average, is seen as critical for further upside.
External factors, such as U.S. trade policies and global economic conditions, could also cap gains. Macroeconomist Lyn Alden, in an April 18 interview, lowered her Bitcoin forecast for 2025, citing President Donald Trump’s February tariff announcement as a headwind. Still, she expects Bitcoin to end the year above its current price, indicating a vote of confidence in the digital gold.
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