Top Strategist Signals a Paradigm Shift as Bitcoin Rockets Past $94K

Matt Mena, crypto research strategist at 21Shares, broke down the forces behind bitcoin's recent breakout past $94,000, pointing to a web of shifting geopolitical signals

A top strategist is signaling a paradigm shift as bitcoin rockets past $94K, fueled by a web of institutional flows and macro tailwinds that are cutting through the noise.

As the world’s leading cryptocurrency breaches new all-time highs, one strategist is cutting through the hype to highlight the deeper forces at play.

Matt Mena, crypto research strategist at 21Shares, dissected what’s behind bitcoin’s rally—and why he calls $200K BTC a real target in this new regime.

The strategist went on "Chains," a crypto and Web3 show on Real Vision, to discuss the surprising strength of bitcoin in an era of shifting geopolitical signals and macroeconomic dynamics that are reconfiguring investor strategies.

Attributing the price surge to “a confluence of macro and structural catalysts,” Mena pointed to a softer diplomatic stance from President Donald Trump toward China, signaling a potential shift in trade tensions.

Additionally, there’s been renewed clarity over U.S. Federal Reserve Chair Jerome Powell’s tenure and the likelihood of his reappointment, which is crucial for investors seeking stability in monetary policy.

These developments, combined with a weakening dollar, are creating a more favorable environment for risk assets. But bitcoin is quickly distinguishing itself from the pack as more than a speculative instrument.

“This rally isn’t retail-driven hype—it’s institutional capital positioning ahead of what many see as a new monetary and political regime,” Mena highlighted.

That shift is evident not just in sentiment, but in how bitcoin is behaving relative to traditional markets.

“Bitcoin’s 7-day correlation to the S&P 500 and Nasdaq has gone negative,” he noted, highlighting that the asset is no longer being treated as a tech proxy.

Instead, it’s gaining traction as “a hybrid macro asset—part digital gold, part growth equity—roughly 80% gold and 20% tech.”

Capital flows have followed suit, with bitcoin and ethereum ETFs bringing in over $1.3 billion in just two days, while more than $500 million in crypto short positions were liquidated as traders scrambled to adjust, Mena detailed.

“Short term, the next resistance sits around $95K, which could act as a brief pause point given the pace of this rally. Beyond that, the key psychological level remains $100K.”

The broader landscape continues to build the case for bitcoin’s momentum, he noted, emphasizing that the total crypto market cap has once again crossed the $3 trillion mark, matching highs not seen since the 2020–2021 cycle.

Economic indicators such as the approaching 4% yield on 10-year Treasury notes and expectations for three to four interest rate cuts by year’s end are reinforcing bullish sentiment.

“Bitcoin could potentially double by the year-end, following global liquidity dynamics as it has in past cycles and reaching a high of $200K.”

Investors are increasingly turning to bitcoin not just for speculative gains but also as a haven in an uncertain world, Mena concluded.

“More investors are turning to it not just as a speculative asset, but as a flight to safety amid rising uncertainty across traditional markets.”