Bitcoin (BTC) Is Once Again at the Center of Market Attention

Bitcoin (BTC) is once again at the center of market attention, as it fights to solidify its role both as “digital gold” and a high-beta risk asset.

According to crypto research firm Presto Research, Bitcoin has shown strong resilience in April bouncing sharply from early-month lows and now trading above $94,000. Presto noted that the rally has set the stage for either a continuation higher or a corrective pullback, depending on upcoming technical and macroeconomic shifts.

Bitcoin’s $210K target reaffirmed: volatility, institutional adoption, and global liquidity are fueling the next big move. Watch Peter Chung, our Head of Research, share insights on CNBC Asia’s Squawk Box.

From a technical perspective, Bitcoin’s daily chart shows prices hovering just below $95,000 brushing against the upper Bollinger Band, a zone that often signals short-term overheating.

The Bollinger Bands (BB), calculated using a 20-day simple moving average and 2 standard deviations, show the upper BB stands near $98,431, the lower band around $78,124, and the midline support near $88,278.

The Relative Strength Index (RSI), meanwhile, stands at 67.78, just below the overbought threshold of 70. While not extreme, it hints that Bitcoin is entering a potentially exhausted state after a powerful rally from April lows near $80,000.

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If Bitcoin can break cleanly above $98,500, it may ignite a rapid move toward the psychological $100,000 mark. Failure to hold current levels could see a setback toward support near $88,000.

Presto Research: Bitcoin Still on Track for $210K Year-End Target

Peter Chung, Head of Research at Presto, recently maintained his year-end price target of $210,000 for Bitcoin on CNBC, remaining bullish on the coin’s potential despite macro volatility.

According to Chung, institutional adoption and global liquidity expansion are the main drivers behind his bold projection, which represents a 120% upside from current price levels.

He explained that Bitcoin acts like a “risk-on asset” most of the time, benefiting from network effects similarly to internet companies. But during periods of geopolitical stress or financial instability, Bitcoin tends to pivot into its “digital gold” behavior — serving as a safe-haven asset alongside physical gold.

Notably, both Bitcoin and gold have rallied more than 40% over the past 12 months, though Bitcoin’s price action remains more volatile and spiky compared to gold’s steady climb.

Energy Battles Between Bitcoin Miners and AI Firms Could Tighten Supply

A structural debate is emerging over the battle for cheap electricity between Bitcoin miners and AI data center operators. While Bitcoin’s supply side is fixed through its halving cycle, its mining profitability is ultimately determined by electricity costs.

Chung believes that Bitcoin miners will continue their operations as long as price appreciation justifies the power costs—higher BTC prices could offset the rising competition from AI data centers.

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However, if competition from AI firms sharply drives up energy prices, less efficient Bitcoin miners might be forced offline, ultimately tightening circulating supply and providing stronger price support over time.