Bitcoin rebounds above $93K, but experts say breaking $100K is crucial to confirm a bull run. Here’s what top analysts are saying now.

Bitcoin’s Recent Rally Renews Hopes for a Full Bullish Reversal

After nearly two months of downward pressure, Bitcoin has mounted a remarkable recovery, reigniting bullish sentiment among analysts and investors alike. The flagship cryptocurrency climbed an impressive 2.71% on April 21, followed by a 6.83% surge on April 22. This rally pushed the BTC price to a peak of $94,700—the highest level seen in over seven weeks. Although a slight 0.43% dip occurred the following day, Bitcoin has remained resilient above the $93,000 mark, maintaining momentum that could shift the market narrative dramatically.

This sudden upswing comes amid broader optimism about the cryptocurrency market’s cycle, with many hoping that a confirmed breakout will reignite the bull run that had seemingly lost steam earlier this year. For Bitcoin, recovering to a psychologically significant level—namely $100,000—might be the final catalyst to flip the sentiment entirely in favor of bulls. But not all experts are convinced just yet.

Ki Young Ju Holds Firm: Bitcoin Must Break $100K to Confirm a Bull Market

One of the most vocal voices in the space, Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, remains cautiously skeptical about declaring a new bull market. Known for his detailed analysis of blockchain data, Young Ju previously stated on March 18 that the Bitcoin bull run had effectively ended. At the time, BTC hovered around $83,000, struggling to gain upward traction amidst dwindling ETF inflows, fading liquidity, and large transaction volumes failing to crack the $100,000 ceiling.

Despite being a long-time advocate of the bullish Bitcoin thesis, Ju’s tone had changed significantly as he cited clear signs of exhaustion in the market. His comments coincided with a deeper pullback in Bitcoin’s price, which dropped to $74,000 by April 7—a 10% decline that reinforced his bearish call.

However, in light of the latest price rally, Young Ju issued an update, clarifying that while the price has surpassed previous projections, he still does not see enough evidence to confirm a renewed bull run. According to him, a breakout above $100,000 is essential. Until that psychological and technical milestone is achieved, he plans to rely heavily on on-chain data to evaluate the trend in the coming weeks.

Understanding the Complexity Behind Bitcoin’s Cyclical Patterns

In his latest remarks, Young Ju highlighted the inherent difficulties in predicting Bitcoin market cycles using traditional on-chain indicators. He pointed out that short-term market movements are often swayed by external events—including geopolitical developments and macroeconomic surprises—that can render technical signals unreliable in the near term.

Instead, Ju emphasized a broader view grounded in supply and demand fundamentals. He believes the long-term price trajectory of Bitcoin will ultimately be determined by how new supply flows interact with growing global demand, particularly as institutional adoption deepens. This perspective encourages traders and investors to look beyond volatile daily moves and focus on more substantive economic signals when evaluating market direction.

Other Analysts See the Current Momentum as a Bullish Signal

While CryptoQuant’s CEO remains cautious, other market commentators have turned increasingly optimistic. Crypto analyst Miles Deutscher, a popular voice on crypto Twitter, underscored that Bitcoin has yet to break its long-term uptrend, which has remained intact since early 2022. He emphasized that the recent dip only served to test a well-established support area, aligning with what he calls the “Paradise Money Noodle” zone—a reliable rebound zone that has served as a launching pad for past rallies.

Veteran trader Peter Brandt, known for his no-nonsense technical analysis, has also updated his outlook. After previously warning of bearish signals even during brief price spikes, Brandt now sees the current rally as a potential continuation of Bitcoin’s larger bullish structure. His shift in tone reflects growing confidence that Bitcoin’s price behavior is aligning once again with historic patterns observed during previous bull markets.

Glassnode Data Points to Increased Activity from New Buyers

Supporting this bullish outlook is data from blockchain intelligence firm Glassnode, which reported a notable surge in engagement from first-time Bitcoin buyers throughout April. The firm’s latest update revealed that the Relative Strength Index (RSI)—a commonly used momentum indicator—remained above 50 for the month, even briefly touching the maximum level of 100 before settling at a still-elevated 80.

This suggests that buying pressure remains strong, particularly among new market participants. However, Glassnode did offer a word of caution: while optimism is warranted, significant resistance remains ahead, especially near the $97,000 mark. Cost Basis Distribution data shows that nearly 392,000 BTC are held by investors who purchased their holdings near this price level. As Bitcoin inches closer to this zone, there’s a real possibility that some of these holders may choose to exit their positions at break-even, creating localized selling pressure.

The $97K Barrier: The Final Hurdle Before $100K

Breaking through the $97,000 level may be the most critical short-term test for Bitcoin. If the asset can push past this point with sustained volume and limited sell-offs, the path to $100,000 becomes significantly more plausible. Doing so would not only confirm the optimism held by bullish analysts but also fulfill the technical requirement set by Ki Young Ju to validate a genuine market reversal.

From a psychological standpoint, round numbers like $100K serve as powerful magnets in trading. Once approached, they often trigger intensified media attention, FOMO (fear of missing out) buying, and dramatic price acceleration. For Bitcoin, reclaiming $100K would likely reinvigorate both institutional interest and retail enthusiasm—two critical drivers of long-term market growth.

Long-Term Outlook: What’s Next for Bitcoin?

Even as short-term price action dominates the headlines, many seasoned traders are already looking ahead to what comes after the $100,000 milestone. If Bitcoin succeeds in shattering this psychological barrier, it could usher in a new phase of price discovery, where previous resistance zones become support, and the market targets uncharted territory.

From a macroeconomic standpoint, the combination of growing institutional adoption, increasing scarcity due to halving cycles, and broader geopolitical uncertainty continues to build a strong case for Bitcoin’s long-term value proposition. Investors are increasingly treating Bitcoin not just as a speculative asset, but as a hedge against fiat currency devaluation and systemic financial risk.

Is the Bitcoin Bull Run Back On?

The recent Bitcoin recovery is undeniably impressive and has reinvigorated hope across the market. Yet, according to leading voices like Ki Young Ju, we are not out of the woods just yet. While bullish momentum is building, the real test lies ahead: breaking the $100,000 threshold. Until that milestone is reached, uncertainty will continue to cloud the outlook.

Still, with increasing participation from new buyers, positive technical indicators, and renewed confidence among seasoned traders, the case for a continued upward trajectory is strong. Bitcoin’s next few moves could very well determine whether this recovery is just a bounce—or the beginning of a new bull era.

FAQs

1. What is the significance of Bitcoin breaking $100,000?
Breaking $100K would signal strong bullish momentum and could confirm a new market cycle. It’s also a psychological milestone likely to attract increased investor interest.

2. Why is $97,000 considered a key resistance level for Bitcoin?
Many investors bought Bitcoin near $97K. As the price nears this level again, they may sell to break even, creating potential selling pressure that can hinder further price increases.

3. Who is Ki Young Ju and why is his opinion influential?
Ki Young Ju is the CEO of CryptoQuant, a leading blockchain analytics platform. His insights, based on on-chain data, are widely respected in the crypto industry.

4. Are new investors buying Bitcoin now?
Yes, data from Glassnode shows a rise in first-time Bitcoin buyers in April, indicating growing retail interest and confidence in the market.

5. Could external events affect Bitcoin’s price movement?
Absolutely. Political events, regulatory updates, and macroeconomic trends can all impact Bitcoin’s price, sometimes overriding technical indicators.