Source: Cointelegraph Original: "{title}"

Bitcoin has risen 12% in a week, and the surge in ETF inflows has led analysts to believe that Bitcoin may soon break through $100,000. However, one crypto analyst cautions that despite this, it is important to remain cautious as a key indicator continues to send mixed signals.

Markus Thielen, head of research at 10x Research, stated in a market report on April 23: "Given that our stablecoin minting indicator has not yet returned to high activity levels, we remain cautious about the sustainability of the current Bitcoin rebound."

Lack of stablecoin may limit Bitcoin's upside potential

Thielen explained that based on the measurements of a descending wedge pattern, which traders view as a potential bullish reversal signal, Bitcoin could reclaim $99,000. However, he added, "The lack of stablecoin inflows raises questions about the subsequent price movements."

As of the time of writing, Bitcoin is trading at $93,133, having risen 11.42% over the past week, according to CoinMarketCap data.

In an interview with Cointelegraph, Thielen stated that stablecoin inflows "are typically strongly correlated with more stable funding, and the increase in futures leverage may simply mean that fast traders are taking advantage of short-term price increases."

Surge in spot Bitcoin ETF inflows indicates a true "demand-driven rebound"

Meanwhile, the U.S. spot Bitcoin ETF recorded $912.7 million in inflows on April 22, the highest level since January 17, according to Farside data reports.

Pav Hundal, chief analyst at Swyftx, told Cointelegraph that these inflows indicate, "This is a true, demand-driven rebound. It is not just a short-term reaction from excited futures traders."

"If the headlines finally quiet down, we may break new highs sooner than everyone thinks. A quick surge to $100,000 seems possible, but the situation can change rapidly during President Trump's term."

Thielen noted that if uncertainty continues to decline, "further acceleration may provide the liquidity needed to support a more sustained rebound."

Since President Trump implemented tariffs in early February, the crypto market and broader financial markets have experienced volatility.

However, Trump's recent comments have led traders to speculate that he may be softening his stance on trade war issues, with some believing this is bullish for the market.

Thielen stated that the $95,000 price level is a key resistance point for Bitcoin and could become "a trigger point for short-term stop-loss liquidations."

He said that if market forces persist, this could drive Bitcoin prices further upward.

Related: Bitcoin (BTC) breaks downtrend, surges to $92,600, who is driving this price momentum?

This article does not contain investment advice or recommendations. Every investment and trading activity involves risk, and readers should conduct their own research before making decisions.

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