Bitcoin nears its all-time high, reaching $104,900

Bitcoin surged to $104,900 over the weekend, coming within 4% of its all-time high, after Donald Trump announced major progress in U.S.-China trade talks.

Bitcoin price surged to $104,900 over the weekend, coming within 4% of its all-time high, after Donald Trump announced major progress in U.S.-China trade talks.

His upbeat post about a “total reset” with China sparked optimism across markets, boosting investor confidence in BTC.

What Happened: While some analysts signaled a bear market for Bitcoin after its recent V-shaped recovery from $82,000 in late March to over $104,000 today, PlanB sees it differently.

The crypto analyst believes the recent price action is part of a longer, flatter bull cycle that is just getting started.

In his latest video analysis, PlanB refers to his on-chain market cycle model, which showed no signs of a typical "cycle bottom / end-of-cycle distribution phase" back in March. Instead, the data pointed to continued bullish momentum.

"It’s still in accumulation, which means the bull market is not over yet. We’ll likely see Bitcoin move above its previous all-time high of $110,000 in the coming weeks or months, with several new highs to follow."

Also, his stock-to-flow (S2F) model predicts that as Bitcoin becomes more scarce, its price rises. Historically, after each halving, a red dot appears on the chart, often signaling the start of a strong bull.

Bitcoin Price Analysis:

Bitcoin’s RSI is currently at 66, and PlanB predicts it will "easily go above 80 for several months, just like we saw in past bull markets."

"I'm not saying it will stay above 80 for 12 months, but we might see it fluctuate between 70 and 80 over a period of eight to ten months."

This aligns with the stock-to-flow model, which suggests Bitcoin could reach $500,000 per coin by the end of the current halving cycle.

The 200-week moving average has moved up slightly from $46K to $47K, signaling increased market confidence and possibly the start of the "FOMO phase."

Additionally, realized prices are trending upwards, with short-term realized prices at $92K and the two-year at $77K, indicating most Bitcoin holders are in profit, further supporting a strong market.

BTC Price Prediction:

Moreover, analysts’ predictions suggest that with just a few high-momentum months, Bitcoin could reach $400K, placing it within striking distance of the stock-to-flow average.

PlanB concludes, "These models can be wrong, but they are often useful, and all the indicators are now pointing towards a potentially historic 2025 for Bitcoin."