Why Is Bitcoin Price Surging Today?
Highlights
- Bitcoin price has surged past $80k after dipping below $75k.
- Analysts like Michael van de Poppe remain optimistic about Bitcoin's future trend.
- BTC's resurgence is driven by thoughts of the Fed's potential interest rate cuts.
Following a disastrous Black Monday, the Bitcoin price has surged past $80k, reigniting optimism across the crypto market. While BTC’s dip below $75k sparked widespread anxiety, the crypto’s resurgence has invoked enthusiasm and confidence. Analysts like Michael van de Poppe and Gert van Lagen believe that Bitcoin will continue its bullish rally.
Bitcoin Price Surges 6%, Here’s Why
After dipping below $75,000 yesterday, Bitcoin saw a significant uptrend, with its price breaking past $80,000. Over the past 24 hours, the crypto has seen a substantial hike of about 6%. Analyst Michael van de Poppe acknowledges this uptick as a “strong sign.”
In his latest X post, van de Poppe expresses his confidence in the long-term potential of the Bitcoin price. Though he remains unclear about BTC’s next move, he cited, “However, with the amount of liquidity being added, 6 & 12 months from now prices will be substantially higher.”
Notably, the sudden reversal of the last day’s negative trend is primarily driven by the speculations of the Federal Reserve’s potential interest rate cuts. Experts believe that the Fed will reduce interest rates due to the concerns surrounding Donald Trump’s tariff announcement.
Bitcoin Price Rally To Sustain? Expert Insights
As of press time, Bitcoin is trading at $79,348, marking a notable surge of 5.3% in a day. Despite this daily surge, BTC has declined by 5.5% and 7.9% over the past week and month, respectively.
Interestingly, the prevailing positive momentum is clearly visible in the growing investor sentiment. The 24-hour trading volume of Bitcoin has increased by 12.57%, currently at $71.21 billion.
According to analysts like Gert van Lagen, BTC is maintaining its bullish market trend. The expert identified that the Bitcoin price bounced off the neckline of a 4-year old Inverse Head & Shoulders pattern. This indicates BTC’s potential upside target of about $300k.
$BTC [1W] is continuing its bull market after bouncing off the neckline of this 4-year-old iH&S, targeting ~$300k.
Yesterday the bull market support at $74.8k was tested.
Invalidation: weekly close < $74.8k
— Update pic.twitter.com/gglOcKofzC
— Gert van Lagen (@GertvanLagen) April 8, 2025
Van Lagen added that the crypto’s bull market support at $74,800 was tested yesterday, holding as a key level. A weekly close below this level could invalidate this bullish outlook.
What Lies Ahead?
This week kicked off negatively, with the global financial landscape experiencing a major collapse. The stock market saw a severe downturn, marking its largest crash since 2020. Mirroring the trend, the Bitcoin price also plummeted to its four-month low.
However, as BTC has managed to recover from its recent crash, analysts and traders remain optimistic about its future path. Analyst Crypto Caesar forecasts the Bitcoin price’s continued bullish trend, with the focus kept on its all-time high of $108k.
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