Bitcoin BTC has returned to six figures, now trading at $102,638.32.

Overview:

• Bitcoin surges above $100,000 after dipping to under $75,000 due to President Trump’s April tariff declarations.
• General markets also rally alongside the cryptocurrency sector following initial reactions to the tariffs.
• Geoff Kendrick from Standard Chartered emphasizes that market inflows are pivotal to this recent price movement.

Bitcoin previously crossed the $100,000 threshold in December after a robust performance post Trump’s election victory, hitting over $109,000 just before his inauguration.

Despite lead-up market enthusiasm, a downward trend began that peaked with panic selling following Trump’s tariff statements. During this period, many altcoins suffered even greater losses, with prices of Solana and Ether witnessing over a 60% drop.

Currently, Bitcoin’s price recovery seems linked to a potential trade agreement between the U.S. and the U.K. .

“The narrative surrounding Bitcoin has evolved, now focusing on market flows,” Kendrick commented, noting upticks in investments into spot Bitcoin ETFs. He believes increased institutional interest in key Bitcoin assets presents a bullish outlook.

“I apologize that my $120,000 second quarter target may be too low,” Kendrick concluded.