Bitcoin has once again surpassed 100,000 USD, analysts apologize for estimating the upward target too low! Adjusted to 120,000 USD.

In early April, President Trump announced tariffs, and within a few days, the price of Bitcoin once plummeted to $75,000, then rose by 33% in the following weeks, and has now rebounded to over $100,000. The tariffs triggered a wave of panic in the market, but Financial Institutions simultaneously joined the ranks of Crypto Assets. The market enthusiasm for Bitcoin has not diminished, and Geoff Kendrick from Standard Chartered Bank stated that the circulating supply and trends are the key driving forces in the Bitcoin investment market.

The price of Bitcoin often shows a zigzag pattern in its rise and fall (Zag)

Bitcoin prices have returned to six figures, continuing a zigzag trend (Zag), which most analysts had originally predicted would occur. The zigzag indicator is a basic tool used by analysts to identify when a security's trend reverses, determining support and resistance levels helps in identifying significant price changes while filtering out short-term fluctuations to eliminate the noise of daily market conditions.

Is Trump's statement an indicator of Bitcoin prices?

Looking back, bitcoin exceeded $100,000 for the first time in December last year, Trump rebounded strongly after winning the election in November, and the price finally soared above $109,000 in the hours before Trump's inauguration on January 20 this year, bulls frantically raised their upward price target, but the situation began to take a sharp turn, and in the following weeks, the price of bitcoin continued to fall, and in early April this year, Trump announced punitive tariffs on US trading partners, causing panic, bitcoin price fell to 75,000 USD. The bloodbath of many alternative coins is even worse, with SOL and ETH both falling by more than 60%. However, after that, prices quickly reversed and recovered, and traditional markets joined the ranks of cryptocurrencies and escaped the tariff shock. In the same direction as Bitcoin, both the Nasdaq and S&P 500 are now higher than they were before Trump lifted the tariff alert, and the $100,000 gain seems to be due to the trade deal between the United States and the United Kingdom, and Trump's speech and policies have become indicators of bitcoin price volatility.

Analysts believe that capital flow and trends are indicators.

Geoff Kendrick of Standard Chartered Bank wrote in a report on Thursday that the position of Bitcoin in dominating the market has changed again, and now everything is related to circulating supply and its direction. There are various forms of circulation, and Kendrick noted recent reports of a surge in funds inflowing into spot Bitcoin ETFs, which are sometimes overlooked because a large portion of the funds is offset by exchanges (hedge funds shorting Bitcoin futures and gaining a small profit). Kendrick believes that during the recent round of inflows, the underlying trading volume has not particularly increased, indicating that real funds are flowing into the ETFs. The 13F institutional reports not only cover BTC ETF holdings but also the ownership of major Bitcoin institutional holder Strategy (MSTR). Kendrick concluded by saying: "I'm sorry, my target of $120,000 set for Q2 may have been too low."

Pure market observation, not any investment advice.

In this article, Bitcoin has once again broken through 100,000 USD, and analysts apologize for estimating the upward target too low! It has been adjusted to 120,000 USD, first appearing in Chain News ABMedia.