Based on Bitfinex's analysis, Bitcoin's key indicators suggest that the ongoing bullish cycle might not have reached its peak yet, indicating a possible extension of the market's upward momentum. However, this positive forecast depends on the stabilization of wider macroeconomic conditions.

The report highlights the potential for short-term price dips but emphasizes an overall positive trend, particularly if Bitcoin can sustain its value above crucial technical levels such as $95,000.

Bitfinex's recent report points out that Bitcoin performed better in April compared to its historical averages. In April 2025, BTC recorded a 14.08% increase, surpassing its typical returns of 13% and median gain of 7.3%.

Although Bitcoin faced challenges early in April due to factors like President Trump's tariff announcements, it managed to rebound strongly by the month's end, exhibiting resilience amidst economic uncertainties. Supporting this optimism is on-chain data, including stable miner reserves and a Puell Multiple below 2, indicating miners' confidence in continued price growth.

Bitfinex noted a critical hurdle for Bitcoin in the short term: reclaiming the $95,000 level to solidify a bullish trend and potentially retest all-time high prices. Additionally, the Short-Term Holder cost basis, currently at $93,340, serves as a vital benchmark for short-term market momentum. Whether Bitcoin maintains this level will determine the continuation or slowdown of the current rally.