The price of the leading cryptocurrency has surpassed $80,000 for the first time since late January. On the Bitstamp exchange, the asset reached a local peak of $80,617.
MN Trading’s founder Michaël van de Poppe believes that after reclaiming the $79,000 level, bitcoin is poised to reach $86,000-$88,000.
#Bitcoin looks primed for upwards momentum.
Very keen to see how the markets will react when the US opens, especially given the positive ETF flows of last Friday.
Breakout above $79K opens the opportunities all the way towards $86-88K for coming period. pic.twitter.com/Hu5fMiWJB4
— Michaël van de Poppe (@CryptoMichNL) May 4, 2026
According to him, the correction to $60,000 in February “reset” on-chain indicators. This allows the asset to rise to $92,000-$95,000 without breaking the bearish trend or even starting a new growth cycle.
Optimism is bolstered by inflows into American spot bitcoin-ETFs. On May 1, the net inflow into these instruments amounted to $630 million.
Traders are divided on the future movement:
- some market participants see a “bearish flag” on the chart. If the price fails to hold above $80,000, a drop to new lows is possible;
- others are confident that the flag structure is broken, and current indicators suggest the formation of a base for a new growth wave.
Amid the price recovery, the on-chain metric MVRV rose to 1.45. This is the highest level since the beginning of the year, signaling increased investor profitability and a return of market momentum.
The macroeconomic backdrop remains uncertain. A split has emerged within the Federal Reserve regarding future policy, and markets have stopped pricing in a rate cut this year due to persistent inflation. Meanwhile, the S&P 500 index reached a historic high amid strong corporate earnings reports.
An additional support factor for risk assets could be the situation in the oil market. Analysts expect a decline in Brent prices, as military risks are already priced in, and supply is beginning to exceed demand.
Bitcoin at $250,000
Technical analyst Peter Brandt anticipates the price of the leading cryptocurrency to reach $250,000 by the end of 2029. According to his forecast, this rally will be preceded by a prolonged period of stagnation.
Brandt believes the market will form a bottom only by September or October 2026. The trader suggested a drop in prices to $40,000-$50,000, after which an active growth phase will begin.
The forecast is based on four-year halving cycles. Historically, bitcoin peaks 16-18 months after the reduction of miners’ rewards, followed by a year-long bear market.
If the pattern holds, a new uptrend will begin after April 2028. This would allow the asset to reach the target of $250,000 by the end of 2029.
Institutional Demand Exceeds Bitcoin Supply
Charles Edwards, founder of the investment fund Capriole, has observed an unusual demand for bitcoin from large players. According to his data, institutions are purchasing more than 500% of the daily mined supply of the first cryptocurrency.
Institutions are slurping up 500%+ of Bitcoin’s daily mined supply. Every time it’s been this high before, price has shot up over the next week. The average return in prior cases is +24% over the next 1 month from here, that would take is to around $96K. pic.twitter.com/VLynr1xhv8
— Charles Edwards (@caprioleio) May 4, 2026
Edwards noted that such a supply shortage has historically led to rapid market growth. In past cycles, the asset’s price began to rise within a week after reaching such levels.
The average monthly return for bitcoin in similar situations was 24%. If this trend repeats, the asset’s price could rise to $96,000.
Earlier, CryptoQuant specialists acknowledged the April bitcoin surge as speculative. Over the month, the price of digital gold rose by nearly 12%.