Bitcoin Price Analysis: What Will It Take To Push BTC To A New All-Time High?

Bitcoin (BTC) briefly crossed $105,000 during the ongoing session, reaching an intraday high of $105,705 before declining to its current level. The flagship cryptocurrency is marginally up during the ongoing session, trading below $105,000. Markets were buoyed by the US-US trade deal last week and progress during trade talks between the US and China over the weekend. However, neither has pushed BTC past its all-time high. Metaplanet’s Latest Purchase Takes Its BTC Holdings Past El Salvador Japanese firm Metaplanet has added another $129 million worth of Bitcoin to its treasury, taking its total holdings past El Salvador, the first country to give BTC legal tender status. The Tokyo-listed firm announced that it had acquired 1,241 Bitcoin for 14.8 million yen ($101,843) per coin, taking its total holdings to $6,796 Bitcoin worth $707 million, at an average price of $91,000 per Bitcoin. Metaplanet CEO Simon Gerovich announced the purchase on X, stating, The investment firm also reported a Bitcoin Yield, which measures the ratio of percentage change in Bitcoin holdings per fully diluted share of 38% for the current quarter to date. Metaplanet has increased the speed of its Bitcoin accumulation in recent months. The firm previously announced the purchase of 5,555 Bitcoin on May 7, becoming the largest holder of the asset in Asia. Meanwhile, Strategy’s Michael Saylor hinted at another purchase by his firm, posting a screenshot of the “Saylor Tracker,” which tracks the firm’s Bitcoin portfolio, with an accompanying comment stating, “Connect the dots.” Can US-China Trade Talks Push BTC To New ATH? Bitcoin (BTC) surged over the weekend after the US-China trade talks commenced in Geneva. The White House announced that the US and China had made substantial progress during talks. However, no formal announcement or agreement has been finalized. The update about the trade talks came from Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer. Secretary Bessent stated, Markets expect more clarity during the official briefing, scheduled for May 12. The briefing could act as a catalyst for Bitcoin and propel it to a new all-time high. Bitcoin and the broader crypto market have been very sensitive to these developments, with Trump’s tariffs on Canada and Mexico triggering substantial selloffs, wiping billions from the crypto market. However, investors are hopeful as signs of de-escalation emerged, with BTC’s return above $100,000 a sign of investor confidence. Bitcoin (BTC) Price Analysis Bitcoin (BTC) is hovering around $104,000 as traders wait for a catalyst that can drive the price towards $109,000. The US announced a major trade deal with the UK last week, pushing the flagship cryptocurrency past $100,000. On-chain metrics show consistent profit-taking as traders realize their gains after BTC’s recent price action. Meanwhile, whale transactions greater than $100,000 and $1 million have also registered a drop since May 9, when buyer exhaustion kicked in. Daily active addresses also declined, along with other on-chain developments. Analysts and market watchers expect tariff uncertainty to settle as the US announces deals with its trading partners. While the US-UK deal faces criticism from some quarters, the US-China trade deal brings a degree of certainty and could trigger bullish sentiment among market participants. BTC registered a marginal increase on Friday (May 2), rising 0.50% to $96,939. Price action turned bearish on Saturday as the price fell 0.98% to $95,988. BTC continued to drop on Sunday, falling 1.66% to slip below $95,000 and settle at $94,390. Despite the negative sentiment, BTC recovered on Monday, registering a marginal increase and moving to $94,773. Bullish sentiment intensified on Tuesday as the price rose 2.19% to cross $96,000 and settle at $96,485. A marginal increase on Wednesday allowed BTC to claim $97,000 and settle at $97,013. Source: TradingView Bullish sentiment intensified on Thursday after President Trump announced the US-UK trade deal. As a result, BTC rallied over 6%, surging past $100,000 and settling at $103,096. However, the rally lost momentum on Friday as the price registered a marginal drop, slipping below $103,000 and settling at $102,851. Bullish sentiment returned on Saturday as BTC rose nearly 2% to $104,617l. Price action turned bearish on Sunday as BTC fell 0.78%, ending the weekend in the red at $103,804. The current session sees BTC down nearly 1%, losing momentum after reaching an intraday high of $105,705. According to analysts, key drivers behind BTC’s price action are ETF trends, US CPI Data, and the US-China trade deal. The US-China trade deal is expected to have the biggest impact on price action. A bearish scenario with rising inflation, ETF outflows, resistance to the Bitcoin Act, and a high-tariff trade deal could send BTC plunging toward $90,000. On the other hand, softer inflation numbers, ETF inflows, pro-crypto legislation, and a low or zero-tariff trade deal could send BTC to a new all-time high. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.