Bitcoin Eyes $88,000 Breakout as Safe-Haven Narrative Gains Steam

According to a new analysis by Singapore-based QCP Capital, the real test lies just ahead—at $88800, a key resistance level.

As the narrative of Bitcoin (BTC) as a safe-haven asset gains momentum, the cryptocurrency is now eyeing a crucial breakout point at $88,800, according to an analysis by Singapore-based

QCP Capital.

Despite a recent rally that has seen Bitcoin surge to $74,000, reaching its highest level since January 2022, analysts at QCP remain cautious.

They note that it’s still too early to declare a full trend reversal until Bitcoin can decisively break above the key resistance at $88,800.

“The breakout is encouraging, but confirmation is still lacking,” the firm stated in its latest market update.

BTC and Gold Move in Tandem Amid Market Uncertainty

QCP highlighted a strong correlation between Bitcoin’s surge and gold’s rally, further cementing Bitcoin’s role as a preferred asset during times of market uncertainty.

“Bitcoin wasn’t alone. Gold hit 13-month highs, supported by U.S. dollar weakness and escalating trade tensions,” analysts noted.

This shift plays out as equities continue to struggle, extending April’s losses. With stocks sliding further, and fibals in sight, the combination of decreasing risk appetite, geopolitical uncertainty, and renewed interest in hard assets is pushing Bitcoin back into the spotlight.

This is fueling speculation that Bitcoin could be seen as a hedge against inflation and global instability, which could propel it to new all-time highs.

Bitcoin price on April 27th. Is a new ATH in the cards?

Institutional Interest Reawakens

Last week saw positive inflows into spot Bitcoin ETFs, suggesting that institutional investors are returning to the market.

At the same time, options market sentiment is stabilizing, with risk premiums flattening across timeframes and the previously dominant put bias attenuating.

This shift could set the stage for more significant institutional allocation in the coming months, especially if Bitcoin manages a clean break above the key resistance at $88,800.

“Until $88,800 is breached with conviction, we remain cautious about calling a full reversal,” QCP concluded.