Bitcoin Bulls Reignite $100K Dream
SEC Greenlights Ethereum ETF Options
China, Russia Trade Energy in Bitcoin
Solana Helps Janover Stock Rise
Bitcoin $100K target ‘back on table’ after Trump tariff pause supercharges market sentiment
On April 9, BTC/USD surged by approximately 9%, reversing most of the losses it incurred earlier in the week, to retest $83,000. In doing so, the pair came closer to validating a falling wedge pattern that has been forming on its daily chart since December 2024.
A falling wedge pattern forms when the price trends lower inside a range defined by two converging, descending trendlines.
In a perfect scenario, the setup resolves when the price breaks decisively above the upper trendline and rises by as much as the maximum distance between the upper and lower trendlines.
As of April 9, Bitcoin’s price was confined within the falling wedge range while eyeing a breakout above its upper trendline at around $83,000. If it is confirmed, BTC’s main upside target by June could be around $100,000.
Conversely, a rejection from the upper trendline could raise the likelihood of Bitcoin retreating deeper within the wedge pattern, potentially sliding toward the apex near $71,100.
If a breakout occurs after testing the $71,100 level, the most conservative upside target for BTC could still be as high as $91,500.
Onchain data supports $100,000 Bitcoin outlook
Bitcoin’s rebound appears just before testing a critical onchain support zone between $65,000 and $71,000, reinforcing the cryptocurrency’s bullish outlook toward the 100,000 mark.
Notably, the $65,000-71,000 range is based on two important Bitcoin metrics—active realized price ($71,000) and the true market mean ($65,000).
These metrics estimate the average price at which current, active investors bought their Bitcoin. They filter out coins that haven’t moved in a long time or are likely lost, giving a relatively accurate picture of the cost basis for those still participating in the market.
In the past, Bitcoin has spent about half the time trading above this price range and half below, making it a good indicator of whether the market is feeling positive or negative, according to Glassnode analysts.
“We now have confluence across several onchain price models, highlighting the $65k to $71k price range as a critical area of interest for the bulls to establish long-term support,” they wrote in a recent weekly analysis, adding:
Bitcoin’s worst-case scenario is a decline toward $50,000
Breaking below the $65,000-$71,000 range could worsen Bitcoin’s probability of retesting $100,000 anytime soon. Such declines would also lead to the price breaking below its 50-week exponential moving average (50-week EMA; the red wave).
The 50-week EMA — near $77,760 as of April 9 — has historically acted as a dynamic support during bull markets and a resistance during bear markets, making it a crucial trend-defining level.
Losing this support could open the door for a steeper pullback toward the 200-week EMA (the blue wave) at around $50,000. Previous breakdowns below the 50-week EMA have resulted in similar declines, namely during the 2021-2022 and 2019-2020 bear cycles.
A rebound, on the other hand, raises the likelihood of a $100,000 retest.
SEC Approves Options Trading on Ethereum ETFs From BlackRock, Grayscale and Bitwise
The U.S. Securities and Exchange Commission has approved options trading on Ethereum exchange-traded funds.
Filings on Wednesday show that the regulator approved trading options for BlackRock’s iShares Ethereum Trust, along with the Bitwise Ethereum ETF and Grayscale’s Ethereum Trust and Ethereum Mini Trust.
The Ethereum ETFs allow investors to gain exposure to digital assets without the need to buy and store the virtual coin themselves. Options give investors the right to buy or sell an asset at a predetermined price by a set date.
Crypto options are popular because they allow investors to gain exposure to the performance of an asset, rather than just investing in it. Traders are able to bet on the future price of a digital coin, and the market for doing so is much bigger than the spot one. Options trading on ETFs adds more liquidity to the crypto investment space, experts previously told Decrypt.
The regulator last year approved Ethereum ETFs just months after giving their Bitcoin counterparts the green light. The SEC also approved options trading on the Bitcoin funds.
Cryptocurrency ETFs—managed by the likes of BlackRock, Fidelity, and Grayscale—give investors from top hedge funds to retail investors the ability to invest in the cryptocurrency in an easy and regulated way.
Though the Bitcoin funds have received enormous inflows, pushing the price of the biggest cryptocurrency by market cap to new highs, the Ethereum funds haven’t drawn the same kind of demand.
A number of top asset managers are now hoping to get approval from the regulator to list other ETFs giving investors exposure to altcoins like Solana, XRP, and Dogecoin.
CoinGecko data shows that Ethereum is now trading for $1,675 per coin after surging by more than 14% over the last 24 hours. It’s one of the biggest gainers on the day amid a markets upswing triggered by President Trump’s decision to pause “reciprocal” trade tariffs on most nations.
XRP Market Signals Strength As Active Addresses Count Increase Sharply
XRP has remained a notable contender in the crypto market, being one of the few digital assets to have reached a new all-time high in the ongoing bull market cycle. Although the altcoin has dropped by more than 30% from its current high, analysts believe another massive surge might be imminent as its network activity heats up.
Growing Network Activity Puts XRP In The Spotlight
With bullish sentiment building in the broader market, investors’ attention toward XRP seems to have risen strongly. The persistent improvement in investors’ interest and attention in the asset is observed by a rise in active addresses in its network.
Despite ongoing volatility, Glassnode, a top financial and on-chain analytics platform, shared a report showing that XRP has become a new retail favorite this cycle in contrast to the more institutionally driven rally of Bitcoin. This is due to the sharp increase in the number of active addresses.
Historically, price rallies have been accompanied by spikes in active addresses, which has usually fueled optimism among investors and traders. Therefore, a sustained growth in the network’s active addresses might act as a launchpad for a notable upside move in the coming weeks.
Data from the on-chain platform shows that XRP active addresses surged by over 490% since the 2022 market cycle low, indicating speculative retail demand. During the same period, Bitcoin, the largest digital asset, has experienced a mere 10% increase in active addresses.
This notable disparity reflects the higher demand for the XRP network than the Bitcoin network. It also implies that investors are more confident in the altcoin’s prospects than in BTC’s in the remaining period of the current market cycle.
XRP active addresses may have significantly surpassed Bitcoin, but the altcoin and BTC appear to have had similar price gains over time. Nonetheless, the rally trajectories are not the same, even though their price increases are comparable since the 2022 cycle low.
Since the cycle low, Bitcoin‘s growth has been consistent and likely driven by catalysts. Meanwhile, XRP was trading flat until a bullish breakout in December last year, driven by short-term retail speculations.
Is A 4,400% Surge Possible For The Altcoin?
Given the constant growth of XRP’s active addresses, its price is likely to be bolstered by this notable accumulation and investor interest. While several predictions have captured investors’ attention, a recent analysis from Javon Marks has stood out among these projections.
The crypto expert and trader made an audacious forecast about the altcoin witnessing a nearly 4,400% growth to $99 in this cycle. His prediction is based on past cycle trends, especially in 2017, where it saw a substantial rally to new highs.
Looking at the chart, XRP has broken out of a similar massive Pennant pattern, causing a surge to its first target at $3.317 before using it as a light resistance. Considering past trends, the next leg-up would push the altcoin past the first target at $3.317 and move towards the second target, which is now at $99.
China and Russia Settle Energy Trades in Bitcoin as U.S. Tariffs Reach 104% on Chinese Goods
Bitcoin is increasingly being used in international trade, particularly by countries looking to avoid U.S.-controlled financial systems. Russia and China have reportedly used Bitcoin to settle energy transactions. Bolivia has announced plans to pay for imported electricity using cryptocurrency, and France’s EDF is considering Bitcoin mining with surplus power usually sent to Germany. These moves reflect a growing interest in using digital assets for cross-border trade as economic tensions continue to rise.
On April 2, the Trump administration announced tariffs of up to 104% on Chinese imports. In response, China imposed retaliatory tariffs of up to 84% on U.S. goods, starting on April 10. The trade war has triggered instability in traditional markets, pushing investors to consider alternatives like Bitcoin and gold. Analysts say Bitcoin is attractive in this climate because it’s not tied to any government and can’t be manipulated like national currencies.
Bitwise CEO Hunter Horsley explained that in times of uncertainty, investors want to avoid both U.S. and other nations’ assets due to fears of currency devaluation. He said Bitcoin offers a unique solution—it can’t be debased and is easy to access and control. VanEck’s Matthew Sigel added that Bitcoin is becoming more than just a speculative asset, with real-world use cases like international trade settlements starting to emerge.
At the same time, the U.S. dollar is weakening, and foreign investors are pulling back from U.S. assets. Since January, the U.S. Dollar Index has dropped by 6.1%. In 2024, foreigners held about $62 trillion in U.S. assets, but that figure is now falling. China has also told state banks to reduce their dollar reserves, and Russia has long sought to conduct trade outside of U.S. systems.
Nansen analyst Aurelie Barthere noted that gold remains the top safe-haven asset, but Bitcoin is starting to gain traction. She pointed out that the People’s Bank of China has been increasing its gold reserves while cutting U.S. Treasury holdings. This trend is likely to continue, regardless of how Bitcoin fits into the picture.
Bitcoin’s response to recent jumps in U.S. Treasury yields has been muted, suggesting it’s becoming less tied to traditional market movements. Michaël van de Poppe from MN Consultancy said that if trade tensions ease, investors may return to riskier assets, including cryptocurrencies. Meanwhile, U.S.-listed spot Bitcoin ETPs saw net inflows of about $600 million in late March, showing continued institutional interest.
Though gold remains the dominant safe-haven, VanEck’s Imaru Casanova said rising global risks could eventually make Bitcoin a stronger competitor, especially as economic and political uncertainty deepens worldwide.
Janover shares surge 26% following US$4.6 million Solana purchase
11th April 2025 (Boca Raton) Janover shares rose by 26% to $34.49 after the company announced a purchase of $4.6 million in Solana, marking the first execution under its newly adopted digital asset treasury strategy.
Solana is a blockchain platform tailored for decentralised applications and cryptocurrencies, with its native cryptocurrency, SOL, designed to facilitate fast, scalable, and low-cost transactions.
The company stated it would begin staking its SOL holdings immediately, generating revenue while contributing to the Solana network’s stability.
Last Friday, Janover’s board of directors approved a new treasury policy that allows for the long-term accumulation of crypto assets, starting with Solana. The stock recently reached a 52-week high of $48.47 and has increased by 292% over the past year.
