Bitcoin Surges 6% Weekly, Aims for $137,000 Target

Bitcoin has shown a remarkable recovery in the second quarter of 2025, reclaiming the $100,000 mark and aiming for its all-time high of $108,786. This resurgence has sparked optimism among investors, who believe the world's largest cryptocurrency market is back to its late 2024 levels. A prominent crypto expert has suggested that the sell-side pressure experienced in the first few months of the year is part of a broader price breakout.

Ask Aime: What's driving Bitcoin's recent price surge?

Chartered market technician Aksel Kibar shared an analysis on the social media platform X, revealing a long-term breakout signal for Bitcoin's price. Following the election victory of Donald Trump as United States President, the Bitcoin and crypto markets witnessed significant bullish momentum. Kibar noted that Bitcoin broke above a significant price level on a large (monthly) timeframe due to the post-election rally. The Bitcoin price surpassed its “minor high” around the former all-time high of $73,737 in November 2024, indicating a parabolic run based on historical patterns.

This November 2024 breakout has formed a cup and handle pattern, a bullish technical analysis pattern that signals the continuation of an upward trend. In this pattern, the price of Bitcoin continued to rally after breaking the $73,737 mark until it reached a six-figure valuation. However, the Bitcoin price experienced a severe correction to around $74,000 after reaching its current all-time high in January. Despite this correction, Bitcoin only witnessed a minor pullback to the “minor high” before resuming its primary upward trend. Kibar set the cup and handle target for the market leader at around $137,000, representing an over 33% rally from the current price point.

As of the latest update, the price of Bitcoin stands at around $103,071, reflecting a nearly 1% increase in the past 24 hours. The market leader is up by more than 6% on the weekly timeframe, indicating a strong recovery and potential for further growth. The current market sentiment suggests that Bitcoin is on track to reach new heights, with experts predicting a bullish outlook for the remainder of the year.