Bitcoin (BTC) price surged past $87K, whale wallets hit 4-month high, and CME gap fill points to more upside. Analysts expect BTC to test $100K as altseason and Q2 momentum accelerate.
Bitcoin (BTC) price Breaks EMA Resistance, Eyes Six Figures
Bitcoin (BTC) surged above $87,000 on Apr. 21, breaking out of a consolidation phase that began in early March. The move came after BTC rose more than $3,000 in a single day, reaching its highest level since Mar. 28.
This breakout coincided with BTC flipping its 50-day exponential moving average (EMA50) as support. Crypto trader Captain Faibik flagged the milestone, noting that bulls have finally pierced through the resistance.
“Hopefully, the daily candle will close above the EMA50 (85.4k),” he wrote on X.
Bitcoin has gained 16% since bottoming near $75,000 on Apr. 9. The asset’s distance from its all-time high has now narrowed to 20%, increasing speculation that a six-figure target could come into play by May.
Whales Accumulate Amid Growing Institutional Confidence
As of Apr. 15, the number of addresses holding more than 1,000 BTC reached 2,107—the highest since Dec. 2023. That number has jumped from 2,037 in late February, adding more than 60 whale wallets in under two months.
The last time BTC whale address count surged at this pace was during the November and December 2023 rallies, which followed Donald Trump’s election win. Back then, Bitcoin touched a cycle high before retracing slightly.
Mister Crypto, a trader on X, noted on Apr. 20, “Whales are accumulating massive amounts of Bitcoin, they know what comes next.”
Data published on Apr. 18 showed that whales are accumulating Bitcoin at a pace exceeding 300% of its yearly issuance. At the same time, exchange reserves are dropping, tightening supply across the spot market.
Market Dismisses Bearish Projections as Bulls Regain Control
Based on exchange order book data, some analysts had predicted a BTC retest of $83,000 over Easter. That projection has failed to materialize, with Bitcoin defying the downtrend and reclaiming upside momentum.
On Apr. 19, analyst Rekt Capital highlighted that BTC had not only broken its recent downtrend but also successfully retested it as support. This behavior aligns with patterns seen before major rallies.
On Apr. 21, while Nasdaq futures dipped 1%, BTC was up 2.4% on the day. Scott Melker, known as “The Wolf Of All Streets,” observed the divergence, noting Bitcoin’s strength despite tech market weakness.
Altseason Narrative Gathers Steam as Sentiment Shifts
Crypto trader 0xNobler stirred the community with a bold prediction. “The Golden Bull Run starts next week,” he wrote. “$BTC will hit $200,000 and many altcoins are set to pump 150-200x.”
While the scale of those predictions remains unconfirmed, the bullish altseason narrative has gained traction. Investors are now shifting focus to low-cap tokens, anticipating capital rotation from BTC profits.
Despite lingering macro uncertainty, including inflation and tariff policy under President Trump, Bitcoin’s correlation with gold continues to strengthen. The Kobeissi Letter noted that both assets now reflect weakening U.S. dollar strength and rising investor demand for hard money.
“Gold has hit its 55th all-time high in 12 months and Bitcoin is officially joining the run,” it stated.
Institutional Outlook Supports Higher Price Targets
Whale activity from entities holding over 10,000 BTC remains in strong accumulation territory, according to Glassnode. That suggests long-term conviction among institutional and high-net-worth players.
According to Titan of Crypto, Bitcoin has filled its most critical CME futures gap. The weekly gap closure, followed by a rejection from that level, signals a likely move higher. “The next liquidity magnet is likely higher,” he stated on Apr. 20.
Titan of Crypto previously identified $81,000 as a key resistance level, calling it a potential springboard. Michaël van de Poppe echoed this view, maintaining a bullish stance as long as BTC price traded above $80,000.
On-chain data and macro conditions support this outlook. “According to M2 supply, the breakout is around the corner,” another trader noted. Optimism for Q2 remains strong among market participants, especially as accumulation accelerates.
On-chain trends, technical structure, and rising demand all support a bullish case heading into May. If momentum continues, BTC could test six figures sooner than many expected.
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