Bitcoin hits $82k, a 3-month high! Is this a new bull market?
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Bitcoin has touched the $82,000 level for the first time since Jan 31st!
The world’s biggest and oldest currency has now quietly risen as much as 38.3% since its Feb 6th intraday low of $59,888.
Major assets are rallying today as well, after US President Donald Trump announced he is pausing the US military’s “Project Freedom” operation in the Strait of Hormuz.
POTUS cited “great progress” toward a complete and final agreement with Iran.
SP500 +0.3%, hitting yet another all-time peak
NAS100 +0.7%, punching to yet another new record high
Gold (XAUUSD+) +2.7%, testing $4700 and its 21-day simple moving average (SMA) for resistance
All Asian and G10 currencies (except the Norwegian Krone) are strengthening against the US dollar
Why has Bitcoin been climbing?
Here are 5 key reasons:
1) Risk-On Sentiment
Bitcoin is catching the broader risk-on wave as equities print record highs on fading Iran tensions and renewed AI optimism.
As the US confirmed Iran’s truce remains in place despite recent hostilities, market sentiment has enabled investors to drive funds into higher-risk assets like crypto.
2) Massive ETF Inflows Signal Strong Demand
Bitcoin ETFs saw $532.2 million in net inflows on Monday (May 4th) alone, bringing net inflows up to US$ 1.1 billion year-to-date, according to Bloomberg data.
This buying pressure provides strong support for Bitcoin’s price action and signaling sustained demand from traditional finance players entering the crypto space.
3) Short Squeeze Amplifies Gains
Over $260 million worth of short positions have been liquidated in the past 24 hours. This forced buying from short sellers is accelerating the upward momentum.
4) CLARITY Act Breakthrough
The crypto market structure bill is approaching the finish line. Senator Bernie Moreno said the CLARITY Act could be signed into law by President Trump around the first week of July.
This regulatory clarity is boosting investor confidence and institutional participation.
5) Inflation Hedge Narrative Strengthens
Bitcoin’s rally comes as Brent oil (Bybit: UKOUSD) hovers above $100, raising questions about whether the cryptocurrency has quietly crossed over from risk asset to inflation hedge.
The 19% gain over just one month suggests Bitcoin may be attracting investors seeking protection against rising prices.
Is this a new BTC bull market?
Strictly speaking, using the textbook definition, an asset enters a bull market when it has risen 20% from a recent low.
Bitcoin’s 38% gain since Feb 6th’s intraday low definitely crosses above that 20% threshold which denotes a “bull market”.
However, perhaps the still-wary corners of market participants would still point to the fact that BTC remains about 35% below its all-time intraday high posted on Oct 6th, 2025.
Safe to say, the higher Bitcoin can climb, the greater the conviction that Bitcoin is truly in (and feels like) a bull market beyond just a numerical threshold.
How high can Bitcoin go?
As Bybit Learn’s Chief Market Analyst, Han Tan, shared with CoinDesk on April 14th, 2026:
“... a meaningful break above that [$75k] level would draw sidelined buyers back into the market and potentially clear the path upward to the mid-$80,000 level.”
Over the longer-term, we still hold on to our $150,000 target for this year - cited since Jan 5th, 2026.
Of course, we will have to revisit that forecast periodically, depending on market conditions in the weeks and months ahead.
But of more immediate concern, and from a technical perspective ...
BTC has to next conquer its 200-day simple moving average (SMA) as a key resistance level, before it can re-enter the mid-$80k territory.
READ MORE:
published May 1: Bitcoin ended April 2026 as biggest gainer among top-5 cryptos, after finding support at our forecasted price levels
published Apr 22: Bitcoin hits new 2-month high!
published April 20: Bitcoin listed among “3 Assets to Watch (Apr 20-24)”, citing prospects of $80k BTC
published March 27: How has Bitcoin fared over past US-Iran conflicts? BTC showcases resilience despite Middle East conflict
published March 17: Bitcoin hits 6-week high! Time to get pumped?
published March 4: Middle East Watch: US dollar vs. Bitcoin - which is the ultimate safe haven?
published February 11: Bitcoin bear market: Is the end near?
DISCLAIMER:
This article is provided for general information and reflects the author’s views only. It does not constitute investment advice, nor an offer or solicitation to buy or sell any financial instruments or digital assets. Your ability to access or use any products or services mentioned may be subject to the laws and regulatory requirements of your jurisdiction.