After today’s rally past $94,000, BTC has recovered roughly twenty grand in just over two weeks since the massive crash on April 7 and 9 when it plunged below $75,000.

Many altcoins have marked explosive gains over the past 24 hours as well, including ETH, which has soared by 10%, and SUI, which has skyrocketed by almost 30%.

BTC Above $94K

A lot can change in the cryptocurrency space within the span of just a few weeks. Recall that the primary cryptocurrency plunged hard on April 7 and 9 due to the ongoing tariff madness started by the US to under $75,000 to mark a five-month low.

However, the overall improving conditions, including a tariff pause for most countries, helped the asset begin its recovery. Last week, it traded about $10,000 higher than its low, but the beginning of the new one brought even more impressive gains.

After trading sideways during the weekend at around $84,000, BTC went on the offensive on Monday and pushed above $87,000. It kept climbing in the following days and broke past $90,000 yesterday. That was still not the end as the cryptocurrency flew to over $94,000 earlier today for the first time since early March.

Its market capitalization has shot up to $1.870 trillion on CoinGecko, while its dominance over the altcoins remains strong at over 61%.

Altcoins Back in Green

The altcoins, which struggled for a while, have finally managed to recapture investors’ attention and posted massive gains over the past day. Ethereum, which has been among the leaders in terms of underperformance, has soared by 10% and tapped a multi-week peak of its own at $1,800.

Double-digit gains are evident from ADA, DOGE, AVAX, LINK, XLM, SHIB, and many others. SUI has stolen the show from the larger-cap alts. The asset has exploded by over 27% in the past day and sits close to $3.

XRP, SOL, HBAR, TON, and LTC are also well in the green, but in a more modest single-digit manner.

The cumulative market cap of all crypto assets has soared by roughly $200 billion daily and sits above $3.050 trillion now.

Bitcoin (BTC) could be on the verge of a historic rally, with former BitMEX CEO and crypto heavyweight Arthur Hayes forecasting a climb to $200,000.

In his latest essay, “Ski Cut,” Hayes argues that a little-discussed U.S. Treasury maneuver, large-scale bond buybacks, will unleash a tidal wave of dollar liquidity, sending BTC soaring past $110,000 and beyond.

The Treasury Buy Back

The prediction comes against a backdrop of market-moving events, from President Donald Trump’s tariff threats to Federal Reserve uncertainty. However, the analyst believes the real catalyst lies in the U.S. Treasury’s buyback program, where the government issues new debt to repurchase older, less liquid bonds.

While it isn’t the outright money minting Hayes has hinted at previously, he says the mechanism can indirectly fuel liquidity by stabilizing bond volatility and enabling leveraged hedge funds to keep piling into Treasuries.

He drew a parallel to late 2022, when then-Treasury Secretary Janet Yellen drained the Fed’s Reverse Repo Program (RRP) to inject liquidity into markets. At that time, Bitcoin initially bottomed, but then embarked on a 6x rally.

The possibility of BTC hitting $200,000 depends on two key developments. First, there have to be continued Treasury buybacks. According to Hayes, if the deficit widens, as early May data could confirm, the Treasury is likely to ramp up buybacks to suppress bond yields, further loosening financial conditions.

Secondly, the BitMEX co-founder expects to see Fed complicity. Despite the agency’s inflation-fighting rhetoric, Hayes believes it may tacitly support liquidity measures, whether through slowing quantitative tightening (QT) or adjusting bank reserve requirements.

A Hedge Against Currency Devaluation

The implications for investors are clear: Bitcoin remains the premier hedge against monetary debasement. And if Hayes is right, the real fireworks are just beginning.

“Bitcoin will continue to lead the way as it is the direct beneficiary of more fiat dollars sloshing about,” he declared. “Now that the global community believes Trump is a madman crudely and savagely wielding the tariff weapon, any investor with US stocks and bonds is looking for something whose value is anti-establishment. Physically, that’s gold. Digitally, that’s Bitcoin.”

The market appears to be listening. Bitcoin has punched above $90,000 for the first time in more than six weeks. Trading around $93,531 at the time of writing, BTC is up 5.8% in the last 24 hours and 11.8% over the past week, edging out the broader crypto market’s 10.2% surge in the same period.

TL;DR

• BTC climbed above $94,000, fueled by trade war de-escalation and other improving conditions.
• Analysts predict further gains, with one foreseeing a cycle top of $180,000 at the end of 2025 or the beginning of 2026.

What Could be Next?

Bitcoin has been on the run lately, with its price surging past $90,000 on April 22. In the past 24 hours, the bulls remained in charge, and the valuation continued soaring to a seven-week high of $94,300. This represents a 22% increase on a two-week scale when it plunged below $75,000.

One factor that might have positively impacted BTC and the entire cryptocurrency market is the proposed de-escalation of the trade war between the USA and China. Several hours ago, US President Donald Trump said that high tariffs on goods from the Asian country will “come down substantially, but it won’t be zero.” Previously, America placed import taxes of 145% on China, prompting retaliation of 125% tariffs on American products.

BTC’s revival garnered the attention of multiple industry participants, some of whom expect the bullish trend to continue in the near future. X user Cas Abbe claimed the market cycle is still in the “belief” phase and has yet to enter into the “thrill” and “euphoria” zones. 

“$109K was not the top and BTC will trade higher this year. I think euphoria will most likely be hit in Q4 2025 or Q1 2026 with BTC pumping above $180,000,” they predicted.

Captain Faibik suggested that BTC has invalidated a falling wedge pattern and is now poised to jump to $112,000. The analyst also believes people who were “stupidly bearish” when the price plunged to $75,000 earlier this month will now start buying due to Fear of Missing Out (FOMO).

For their part, CRYPTOWZRD thinks BTC needs another daily close above the $91,500 resistance target “to call it a perfect breakout.” Such a move could push the price to $100,000 or even higher, the analyst envisioned. 

Observing Some Indicators

The BTC exchange netflow also signals that the asset might continue its uptrend in the short term. Over the past week, outflows have surpassed inflows, suggesting a shift from centralized platforms toward self-custody methods, which in turn reduces the immediate selling pressure.

Now, let’s examine net inflows into spot Bitcoin ETFs, which soared above $930 million on April 22. This is the highest mark recorded since mid-January. The development indicates growing demand and confidence from institutional investors, which might lead to sustained price growth.