Bitcoin Surges Past $87,400, Sparks New Bull Run Talk

Beulah Godfrey

April 21, 2025
3 min read

Bitcoin jumped above $87,400 on April 21, marking its highest price since March 28. The digital asset rose over $3,000 from a low of $84,000 on April 20. This price move represents a 16% rebound from its 2025 low of just under $75,000 on April 9. As a result, crypto traders on X, especially in a thread called “Bull run,” are speculating that Bitcoin could be entering a new bull market.

Bitcoin Surges Past $87,400, Sparks New Bull Run Talk Bitcoin Surges Past $87,400

Bitcoin had dipped to $78,000 in early April due to global uncertainty caused by President Trump’s new trade tariffs. The S&P 500 also fell 5.7% during that period. Analysts say Bitcoin’s recent rally came from a breakout in a chart pattern called a “falling wedge,” which usually signals a price reversal to the upside. A user on X, @kenty_mwas, suggested that if this trend continues, Bitcoin could reach six figures by May.

Macroeconomic Trends Push Bitcoin Higher

The rally in Bitcoin also matches the weakening of the U.S. dollar and gold’s rise to a record $3,357 per ounce on April 17. Historically, Bitcoin tends to rise when gold hits new highs. In 2020, gold peaked at $2,075, and Bitcoin reached $69,000 the next year. Based on that trend, some experts now predict that Bitcoin could rise as high as $400,000 by late 2025.

Dominick John, an analyst at Kronos Research, said global liquidity and a growing money supply are boosting Bitcoin’s price. He also noted rising interest from big investors. On X, @KronosResearch explained that these factors support a strong long-term outlook. Some analysts now expect Bitcoin to hit $155,000 soon, especially as it becomes more like gold in how people use it to protect their money.

Big Investors Fuel Bitcoin Optimism

Large investors and companies are also helping drive Bitcoin’s growth. Metaplanet recently bought 330 BTC, showing continued interest from businesses. Michael Saylor’s company, Strategy, remains a key player. Its Bitcoin-focused stock is held by more than 13,000 institutions and over 800,000 retail investors. Since joining the Nasdaq 100 in December 2024, Strategy has brought even more traditional investors into the Bitcoin space.

Whales—people or entities who own large amounts of Bitcoin—have also been buying more. Since March 11, they’ve added 129,000 BTC. This shows strong belief in Bitcoin’s future. At the same time, Bitcoin ETFs have seen heavy investment, with Bloomberg’s Eric Balchunas calling the inflows “impressive.” These factors support predictions that Bitcoin could hit $100,000 by May.

Caution and Challenges Remain

The word “Bull run” has become popular on X as excitement grows. Many users, including @HoltTrading and @bullruNews, say a break above $87,500 will confirm a full bull run. However, not everyone agrees. Analysts like @0xMilker and @AI_Crypto_Nexus urge caution. They say Bitcoin needs stronger fundamentals for long-term growth. They also point to risks like the $1.4 billion Bybit hack, where hackers moved 944 BTC worth $90 million through the Wasabi mixer.

Bitcoin still faces technical and economic hurdles. It is currently trading between its 20-day exponential moving average ($83,463) and its 200-day simple moving average ($87,857). A strong close above $87,740 would confirm continued upward momentum.

External factors could also affect Bitcoin’s price. U.S. trade policy, global inflation, and financial uncertainty all play a role. Economist Lyn Alden recently lowered her Bitcoin forecast for 2025 due to Trump’s trade tariffs. Still, she expects Bitcoin to finish the year above its current value, showing long-term confidence.