Bitcoin’s 12% rally over the week and a surge in related exchange-traded fund inflows have analysts thinking it could soon reach $100,000, but one crypto analyst has said to temper hopes as a key indicator is still giving mixed signals.

“Given that our stablecoin minting indicator has yet to return to high-activity levels, we remain cautious about the sustainability of the current Bitcoin rally,” 10x Research head of research Markus Thielen said in an April 23 markets report.

Stablecoin absence may limit Bitcoin upside

Thielen explained that a measured move from the falling wedge pattern, which traders perceive as a potential bullish reversal signal, shows that Bitcoin (BTC) may reclaim $99,000.

He added, however, that “the absence of strong stablecoin inflows raises questions about follow-through.”

Markus Thielen is watching the stablecoin minting indicator before confirming the Bitcoin uptrend is sustainable. Source: 10x Research

Bitcoin was trading at $93,133 at the time of writing, up 11.42% over the past seven days, according to CoinMarketCap. 

Thielen told Cointelegraph that stablecoin inflows “tend to correlate strongly with stickier money, while an increase in futures leverage could simply mean that fast traders are taking advantage of a quick move higher.” 

Spot Bitcoin ETF inflows surge, a true “demand-led rally”

It comes as spot Bitcoin ETFs in the US posted inflows of $912.7 million on April 22, the highest level since Jan. 17, according to Farside data.

Swyftx lead analyst Pav Hundal told Cointelegraph that the inflows suggest “this is a true, demand-led rally. Not just a hot flash of excited futures traders moving price.”

“If the news headlines finally quieten, we could break new highs sooner than everyone thinks. A fast track to $100,000 looks plausible, but things change quickly in a Trump presidency.”

Thielen said if uncertainty continues to decline, “a further acceleration could provide the liquidity needed to support a more sustained rally.”

Related: Bitcoin risks 10%-15% BTC price dip after key rejection near $89K

The crypto market has experienced volatility and broader financial markets since US President Donald Trump imposed tariffs in early February. 

However, Trump’s recent comments have traders speculating that he’s softening his stance on the trade war, with some seeing this as bullish for markets.

Thielen said the $95,000 price level is a key resistance level for Bitcoin and a “potential trigger point for short-stop liquidations.”

He said it could push Bitcoin’s price higher if market strength continues.

Magazine: Former Love Island star’s tips on how to go viral in crypto: Van00sa, X Hall of Flame

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ethereum’s price has surged after having been in the doldrums for weeks, helping boost its market share after it hit record lows.

Ether (ETH) has surged almost 15% over the past 24 hours, topping $1,800 on April 23. It has outperformed Bitcoin, which notched a 6% gain, and the wider crypto market, which has climbed almost 5% to reclaim a total market value of $3 trillion. 

Ether has now managed to recover almost 30% since its April 9 crash to $1,400, leading some analysts to suggest that the worst may be over for the world’s second-largest crypto asset.

“You can hate Ethereum all you want, but when it has a big day, the entire crypto ecosystem goes up,” crypto trader and analyst “Income Sharks” commented to their 640,000 X followers.

Market analyst “Ash Crypto” said ETH was “about to explode,” drawing comparison from the current chart pattern for Ether to that for Bitcoin’s performance in late 2024. 

BTC vs ETH performance and prediction. Source: Ash Crypto 

Jeff Mei, chief operating officer at the crypto exchange BTSE, was not conviced Ethereum was moving idependently, and told Cointelegraph that Ether’s gain “was largely due to it tracking the price of Bitcoin and the overall market,” and that that Paul Atkins’ confirmation as chair of the US Securities and Exchange Commission had boosted overall market sentiment.

Earlier this month, ETH had fallen back to bear market prices and had seen its market share dwindle amid a wide market downturn marred by fears of a trade war. 

On April 22, analyst “Rekt Capital” said that ETH’s market dominance has fallen back to all-time lows but “managed to protect 2019 all-time lows as support.” 

ETH dominance fell to its September 2019 low of 7% on April 22, according to TradingView. However, its subsequent price pump has seen that share bounce off this critical support level and return above 7.5% on April 23. 

ETH dominance lows. Source: Rekt Capital

Fundamental catalysts supporting the move

10x Research’s Markus Thielen told Cointelegraph that it hasn’t taken much to drive Ethereum higher, as a “heavily shorted market is now experiencing a squeeze.” 

Related: Ethereum Foundation shifts focus to user experience, layer-1 scaling 

Technically, Ethereum was oversold on both daily and weekly timeframes, setting the stage for a rebound, he said. 

“With the upcoming upgrade moving to mainnet, there’s also a fundamental catalyst supporting the move.” 

Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest

Tesla has held onto its Bitcoin during the first quarter of 2025 as CEO Elon Musk promised shareholders that he would scale back his time working as the Trump administration’s cost-cutting czar.

Musk’s comment appears to have been the main catalyst behind Tesla’s (TSLA) 5.4% price jump in after-hours trading on April 22 to $250.80 after closing the trading day up 4.6%, according to Google Finance. 

It comes as the automaker’s Q1 results released the same day show revenues hit $19.34 billion, missing Wall Street estimates by 7.85% and marking a 9.2% fall from the same period last year.

Tesla’s net income of $409 million also marked an 80.8% quarter-on-quarter drop and a 70.5% fall from Q1 2024.

Source: Tesla

Tesla’s digital asset holdings dropped 11.61% in value from $1.076 billion to $951 million in Q1, alongside Bitcoin’s (BTC) 11.56% price fall to $82,514 over the same time, according to CoinGecko data.

A new rule from the Financial Accounting Standards Board allows public companies to report their crypto holdings at market value. Before, only losses were recorded — unless the crypto was sold. 

Tesla’s 11,509 Bitcoin stash is now worth over $1.07 billion as a result of the market rebound over the last week, according to Bitcoin Treasuries data. Tesla’s Bitcoin holdings haven’t changed since June 30, 2022.

Musk to ease up on DOGE duties

In an April 22 earnings call, Musk promised that he would scale back his time working at the Trump administration’s so-called Department of Government Efficiency, or DOGE, to focus more on Tesla.

“Starting probably next month, May, my time allocation to DOGE will drop significantly,” Musk said. 

“I’ll be allocating far more of my time to Tesla now that the major work of establishing the Department of Government Efficiency is done.”

Musk said he’ll continue to spend “a day or two per week” on DOGE-related matters for as long as US President Donald Trump needs to ensure the “waste and fraud that we stop does not come roaring back.”

Related: Peirce signals SEC ‘reorientation’ under new chair Paul Atkins

Tesla’s 5.4% rise in after-hours came on the back of a 4.6% increase to nearly $237 during the April 22 trading day as the broader market clawed back some losses from earlier in the week.

Tesla shares are still down over 37% year-to-date, driven partially by declining sales, Musk’s increased political presence and economic uncertainty stemming from Trump’s tariffs.

Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why