Bitcoin Tops $100K for First Time in 3 Months; Are Upside Targets Too Low?

BTC $ 100,965.30 + 4.01 % ETH $ 2,054.91 + 13.05 % USDT $ 1.0002 - 0.00 % XRP $ 2.2494 + 5.42 % BNB $ 621.02 + 3.44 % SOL $ 160.35 + 9.37 % USDC $ 1.0001 - 0.00 % DOGE $ 0.1906 + 10.58 % ADA $ 0.7333 + 9.76 % TRX $ 0.2551 + 3.08 % SUI $ 3.9142 + 18.88 % LINK $ 15.30 + 11.84 % AVAX $ 21.29 + 10.32 % XLM $ 0.2818 + 8.93 % BCH $ 419.03 + 16.21 % SHIB $ 0.0₄1400 + 9.47 % HBAR $ 0.1923 + 10.16 % LEO $ 8.7397 + 0.23 % TON $ 3.1695 + 5.31 % HYPE $ 21.98 + 4.62 % News Back to menu News Markets Finance Tech Policy Focus Prices Back to menu Prices Data Back to menu Data Trade Data Derivatives Order Book Data On-Chain Data API Research & Insights Data Catalogue AI & Machine Learning Indices Back to menu Indices Multi-Asset Indices Reference Rates Strategies and Services API Insights & Announcements Documentation & Governance Research Back to menu Research Consensus Back to menu Consensus Consensus 2025 Consensus 2025 Coverage Sponsored Back to menu Sponsored Thought Leadership Press Releases CoinW MEXC Phemex Advertise Videos Back to menu Videos CoinDesk Daily Shorts Editor's Picks Podcasts Back to menu Podcasts CoinDesk Podcast Network Markets Daily Gen C Unchained with Laura Shin The Mining Pod Newsletters Back to menu Newsletters The Node Crypto Daybook Americas State of Crypto Crypto Long & Short Crypto for Advisors Webinars & Events Back to menu Webinars & Events Consensus 2025 Policy & Regulation Conference English Select Language English en Italiano it Français fr Русский ru Українська uk Português pt-br Español es Filipino fil News Prices Data Indices Research Consensus Sponsored Sign In Sign Up Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin Tops $100K for First Time in 3 Months; Are Upside Targets Too Low? The price has jumped 33% in a few weeks after plunging to $75,000 in the days following President Trump's early April Liberation Day tariff announcement. By Stephen Alpher | Edited by Aoyon Ashraf May 8, 2025, 3:38 p.m. Bitcoin again crosses over $100K (Marc Hochstein) What to know : Bitcoin is back above $100,000 after dropping just under $75,000 following President Trump's early April tariff announcements. Traditional markets have joined crypto in rallying following the initial panic over the tariff news. Standard Chartered's Geoff Kendrick says flows are the key dynamic in this latest move. Bitcoin is back in six figures, continuing yet another of its famous zigs when most were expecting a zag. To review, the world's largest crypto first pushed through $100,000 in December as it rallied hard following Donald Trump's November election victory. The price eventually rose above $109,000 in the hours prior to the Trump inauguration on Jan. 20. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Long & Short Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . With the bulls furiously revising their upside price targets higher, things began to crack at that moment. What followed in ensuing weeks was a steady decline, which reached its denouement at just under $75,000 in the panic following Trump's early April announcements of punitive tariffs against U.S. trading partners. The carnage in many altcions was far worse. Solana (SOL) and ether (ETH), for instance, had peak to bottom declines of more than 60%. Prices have quickly reversed since, though, with traditional markets joining crypto in looking past the tariff shock. As with bitcoin, the Nasdaq and S&P 500 are both currently at higher levels than prior to Trump's Liberation Day. This latest push to above $100,000 appears to be due to a trade deal between the U.S. and UK. It's all about the flows "The dominant story for bitcoin has changed again," wrote Standard Chartered's Geoff Kendrick in a note Thursday morning. "It is now all about flows. And flows are coming in many forms." Kendrick took note of the well-reported story about surging inflows into the spot bitcoin ETFs of late. These are sometimes dismissed thanks to a sizable chunk of those flows being offset by basis trades (where hedge funds put on an equal short of bitcoin futures and bank a small yield). Kendrick, however, argued that basis trades have barely moved higher during this latest bout of inflows, suggesting real money is moving into the ETFs. The 13F institutional reporting of not just spot BTC ETF holdings, but also ownership of major corporate bitcoin holder Strategy (MSTR) will begin rolling in one week from now, and Kendrick expects further confirmation of important players boosting their allocations. "I apologize that my $120,000 second quarter target may be too low," concluded Kendrick. Breaking News Bitcoin Stephen Alpher Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000. X icon About About Us Masthead Careers CoinDesk News Crypto API Documentation Contact Contact Us Accessibility Advertise Sitemap System Status DISCLOSURE & POLICES CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies . 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