Bitcoin soars after Trump announcement: Is $89,000 next?

Can the Bitcoin breakout trigger a massive bull run?

The crypto market woke up to explosive volatility this Wednesday. The Bitcoin price climbed to $78,100, trading around $77,541 in the morning. This surge represents a jump of 2.2% over 24 hours and 4.3% over the week. Two major catalysts explain this sudden rally.

On one hand, Donald Trump announcing the extension of the ceasefire with Iran reassured financial markets, reducing risk aversion. On the other hand, the entity Strategy unveiled a colossal $2.5 billion purchase of BTC, marking its largest acquisition in 17 months and the second largest in its history. This institutional buy signal acted as a massive shockwave on the order book.

From a technical perspective, Bitcoin is facing a 9 hour bearish order block formed on April 17. Breaking this psychological resistance could validate the scenario discussed yesterday. Indeed, Bitcoin has followed the previous structure almost to the dollar. If it maintains this correlation, the $80,000 to $81,000 range is the next target.

Buyers have clearly regained control, supported by surging trading volumes. If this momentum holds, the current setup could very well be the prelude to a major new rally.

Zooming out to the weekly candles, Bitcoin perfectly bounced off its POC and now has every chance of reaching its upside order block between $89,000 and $95,000. However, a bullish trendline sits around $89,000. This double confluence could therefore turn it into a resistance zone where the price might eventually face some friction. 

However, a correction remains possible if profit taking intensifies. In the event of a retracement, the $74,500 to $75,000 zone will act as the first safety net. A break below this level could invalidate the short term bullish scenario and drag the price back to the key support at $72,000, an area where institutional buyers might step in once again.

What are the next targets for the BTC price?

In a bullish scenario, a daily close above $80,000 confirms the path toward $90,000. The next technical target logically sits at the psychological threshold of $80,000. This is a crucial level where many investors will take profits and open short positions.

Ultimately, what matters most in the coming days is the speed at which we break the $78,000 to $80,000 range. A slow climb would rather be a bearish signal in the short to medium term.

The key will also lie in the weekly close. The invalidation of the bearish thesis for Killa consists of a weekly close above $83,000. The next few days will therefore be the most important since the crash began.

How high can the Bitcoin (BTC) price go before the end of the year?

The massive injection of $2.5 billion by Strategy demonstrates that institutional conviction has never been stronger. This type of massive purchase drastically reduces the available supply on exchanges, creating a supply shock favorable to price appreciation. Historically, such announcements have often acted as powerful catalysts, propelling the market into an aggressive price discovery phase.

While the geopolitical context seems to offer an unexpected truce, the stars are aligning for cryptocurrencies. Holding the $75,000 support will be decisive in validating the continuation of this upward movement. If buyers successfully defend this level, the road to $80,000 seems wide open, potentially attracting a new wave of fresh capital.

Faced with this explosive momentum and the insatiable appetite of institutions, one question is on everyone’s lips across financial markets. With such buying pressure and all indicators flashing green, is this the right time to accumulate Bitcoin before it definitively shatters the $89,000 to $96,000 mark?

Sources:

• Killa
• Tradingview
• CoinDesk

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