Bitcoin (BTC) extended its winning streak to six straight weeks, powered by renewed optimism

Bitcoin (BTC) was trading at $103700 at last check on Saturday, and needs to rise by just 4.4% to hit its all-time high.

Bitcoin extended its winning streak to six straight weeks of gains, powered by renewed optimism after President Donald Trump announced a trade agreement with the U.K. and top U.S. and China officials met in Switzerland to discuss reducing tariffs.

Bitcoin (BTC) was trading at $103,700 at last check on Saturday, and needs to rise by just 4.4% to hit its all-time high of $109,300. It had fallen to as low as $90,000 in recent weeks.

The crypto had rebounded sharply from lows of $51,988 hit in December 2022, and is now up more than 100% for the year to date. It had also crossed the key $100,000 level for the first time in March.

The world’s biggest cryptocurrency is now up more than 1,000% since the start of 2020, far outpacing gains in the stock market. The S&P 500 is up about 80% over the same period.

President Trump on Friday announced a trade agreement with the U.K., in an effort to divert attention from the worsening trade war with China. The agreement will eliminate tariffs on all U.S. agricultural exports to the U.K., and provide a framework for cooperation on issues such as technology and cybersecurity.

The hope is that a trade deal between the U.S. and its top trading partners—which will likely include China, the European Union, Canada, and Mexico—would reduce recession risks and raise the odds of Federal Reserve cuts.

At the same time, Beijing’s delegation to the Switzerland talks will be led by Vice Premier He Lifeng, a close ally of Xi Jinping, who is expected to take a hardline stance against Trump’s escalating trade offensive.

Top analysts are highly bullish on Bitcoin. In a note to clients this week, Standard Chartered analysts apologized for their $120,000 price target, arguing that it was too low. They still expect Bitcoin to end the year at $200,000.

BlackRock, the biggest asset manager globally, predicts that Bitcoin’s price will surge to $700,000 over time. In a September white paper, the analysts noted that Bitcoin had become a safe-haven asset that is uncorrelated with stocks. They also highlighted its strong performance compared to equities after key crises like the Covid-19 pandemic and the Russia-Ukraine war.

Cathie Wood’s Ark Invest believes that the Bitcoin price will climb to $2.4 million by 2030, a move that would bring its diluted valuation to $50.4 trillion. That valuation would make it bigger than the U.S. and China GDP, combined.

Tom Lee, the popular founder of FundStrat, sees Bitcoin jumping to $250,000 this year, while Chamath Palihapitiya sees it surging to $500,000. Robert Kiyosaki, author of Rich Dad, Poor Dad, predicts that the price will hit $250,000.

In a note this week, Kiyosaki continued to argue the case for Bitcoin over gold and silver because of its 21 million supply cap.

“One reason why I trust Bitcoin is there are only to ever be 21 million. I own gold and silver mines and oil wells. If the price of gold, silver, or oil goes up, I will simply mine or drill for more, expanding supply,” he wrote.

Most analysts’ underlying theme is rising Bitcoin demand, evidenced by the $40 billion inflows into spot ETFs. At the same time, Bitcoin’s supply on exchanges continues to fall and is at its lowest level in five years.

Bitcoin price technical analysis

The weekly chart shows that Bitcoin has remained in an uptrend for a long time. Its recent retreat found substantial support at the ascending trendline that connects the lowest swings since November 2022.

Bitcoin also remains above the upper side of the cup and handle pattern at $68,835 and the 50-week moving average. It now must cross the all-time high at $109,300, and more gains will follow.

The likely price target in this cycle will be $123,000, which is derived by measuring the cup’s depth and then adding the same distance from the upper side of the pattern.