Is it a bird? Is it a plane? No, it's a Super Bitcoin Breakout!

Crypto Corner #349 | April 19-25, 2025

Bitcoin Price (in USD): $95,378.22
Weekly Change: +12.77%

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Bitcoin Price Action

Bitcoin blew away all the Bulls’ expectations this week, front-running President Trump announcing on Tuesday that he never had any intention of terminating Federal Reserve Chairman Jerome Powell prior to the end of his term in May 2026. Bitcoin rocketed through both the weekly and monthly highs before finding resistance at $95,976.34 on Friday, an outstanding performance for the Bulls!

Additionally, Bitcoin made a significantly higher weekly low, only pulling back to $83,972.82 on Sunday before beginning its rocketing climb. On the downside, the past potential support levels have returned with possibly support around $91,300; psychological round-number support at $90,000; and key support just above $89,000.

The Bullish Case

Bulls retook the narrative with gusto this week. Some Bulls point to Bitcoin starting the rally far in advance of other risk-on assets could signify a breaking of correlation between the big orange crypto and tech stocks. In fact, some Bulls argue Bitcoin has become a “hybrid” risk-on/safe haven play, one where investors could park funds as an alternative to gold or cash.

Many Bulls believe we’ve seen the bottom for this cycle and that Bitcoin could make a play for new all-time highs, potentially breaking through its current all-time high at $109,358.01 to the upside as early as by the end of May!

The Bearish Case

Bears were sent to the corner to think about their mistakes this week as Bitcoin defied all Bearish predictions of a crash and impending doom below the current cycle low at $74,420.69. The consolidation of the past few weeks breaking Bullish dashed the Bears’ narrative and many are scrambling to come up with a new one.

Some Bears continue to argue that Bitcoin remains in a trading range with the high potential for new lower-lows as long as it doesn’t make a new all-time high. While I personally believe that thesis is a bit outlandish, anything is possible in this space. In prior Bear Market cycles, Bitcoin has seen huge gains only to reverse and make new lower-lows.

That being said, I’m targeting price targets above the current cycle low to start adding back to my position as it’s more than a little possible that the low is in for this pullback seeing as how Bitcoin pulled back -31.95% from its ATH, far lower than the shallowest pullback from previous cycles (see Key Selloff Targets below for more).

Key Selloff Targets

These key selloffs are derived from past pullbacks from all-time highs as well as various Crypto Winters:

• -26.31% = $80,342.16

• -30.27% = $76,024.68

• -31.24% = $74,967.12

• Current Low: $74,420.69 (-31.95% from All-Time High)

• -33.49% = $72,731.35

• -37.63% = $68,204.09

• -39.53% = $65,928.76

• -40.24% = $65,154.67

• -53.06% = $51,330.77

• -62.91% = $40,438.20

• -77.46% = $24,648.39

• -84.36% = $17,102.97

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Bitcoin Trade Update

Current Allocation: 8.467% (-0.24% since Last Update)
Current Per-Coin Price: $89,098.73 (-0.24% since Last Update)
Current Profit/Loss Status: +7.05% (+12.35% since Last Update)

When Bitcoin surprised everyone by rallying over $90,000 on its way to making a decent stab at $95,000 this week, it started triggering profit-taking and risk-management trimming orders in my trade. I made a total of XX sales leaving me with an average selling price of $92,908.74 (after trading fees).

The sales locked in a total of 23.22%+ in gains on Bitcoin I bought for an average price of $75,398.10 (after trading fees) over the past three weeks. The sales lowered my per-coin cost -0.24% from $89,315.78 to $89,098.73, and reduced my allocation -5.92% from 9.000% to 8.467%.

Keen readers may notice that each sell order I make is 1/5 the size of my smallest buy order. This week’s sales were 1/10 the size of each buy order I made under $80K. Obviously, I’m not in a hurry to sell down my position and, even after the sales I made over the past week, this remains the largest allocation I have had on since 2022-23.

As always, profit-taking isn’t the reason I trim my Bitcoin position when it rallies above cost basis - risk management is my top priority. When it comes to any market - but particularly crypto markets - it is imperative to take profits when you’ve got them to take or else the market will take them from YOU.

From here, I will continue to trim my position as long as Bitcoin remains above my cost basis, but I’ve also raised my next buy target above a key level of support (premium members can check out my next 30 buy targets below) where I will start adding the profits I’ve taken out back into the trade.

Remember: the name of the game when it comes to trading Bitcoin is finding methods to capture the intense volatility this space provides! 😀👍

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My Next 30 Bitcoin Buy Targets

Premium subscribers to Get Irked get access to my next thirty (30) … yes, 30 … buys in Bitcoin including price levels and quantities. Additionally, premium members get exclusive access to Microsoft Excel and Google Sheets version of my Bitcoin Trading Calculator.

I also include a tutorial video on how I execute my Trade2HODL strategy that I developed to accommodate crypto’s incredibly volatility after the 2018 crash which has never had a losing trade in more than 150+ trades since I started using it.