- Over the past 24 hours, Bitcoin reached an intraday high of $97,811 and a low of $95,964, with a 24-hour trading volume of $24.27 billion.
- Bitcoin enters Elliott Wave V with Q1 2026 targets as high as $133K–$152K, backed by ETF inflows, and institutional buying.
The cryptocurrency market saw a modest dip in the last 24 hours, with the global crypto market cap declining 0.59% to settle at $2.99 trillion. Despite the overall red tide, select altcoins bucked the trend.
Bitcoin (BTC), the market bellwether, hovered around $96,860 on May 3, down about 1.09% from the previous day’s high of $97,811 as per CoinMarketCap data. This minor retracement followed an earlier surge fueled by continued institutional inflows and strong ETF demand.
TRON (TRX) emerged as the standout performer in the Top 20
Among the top 20 cryptocurrencies by market cap, TRON (TRX) emerged as the standout performer with a 1.43% gain, underpinned by steady on-chain activity and growing developer interest.
On the losing side, Filecoin (FIL) led the retreat, dropping 3.9% in 24 hours. Other notable laggards included Litecoin (LTC) (-1.46%), Chainlink (LINK) (-2.03%), Ethereum Classic (ETC) (-1.39%), and Solana (SOL) (-1.77%).
Ethereum (ETH), the second-largest cryptocurrency, traded at $1,829, gaining 0.3% amid relatively quiet activity in the DeFi and L2 sectors.
Spot Bitcoin ETFs witnessed net inflows of over 1 billion in 2 days
Bitcoin’s minor dip belies broader bullish momentum. The top cryptocurrency recorded a daily trading volume of $24.27 billion (down 21.91%). But, BTC still continues to attract strong institutional attention. In the first 2 days of this month, spot Bitcoin ETFs witnessed net inflows of over 1 billion according to coinglass data. This highlighting sustained demand from institutional investors.
This accumulation trend is evident in on-chain metrics, with the number of wallet addresses holding over 1 BTC reaching new all-time highs.
Treasury entities like MicroStrategy and Metaplanet continue to add to their holdings, further tightening available supply.
John Glover Bitcoin Price Analysis: Elliott Wave V in Play, $152K Target in Sight
John Glover, Chief Investment Officer at Ledn and a veteran of Barclays with over 25 years in FX and institutional risk management, shared his technical outlook on Bitcoin’s price trajectory using Elliott Wave Theory.
“It looks like we’ve finally confirmed the completion of Wave IV and are now in wave (i) of Wave V,” Glover said. See the chart below showing the full Elliott Wave cycle.
“As always, Wave V will be formed by 5 sub-waves, as depicted by the yellow dashed lines. The ultimate target remains $133K to $136K, with a projected completion date of Q1 2026. This projected Wave V target is conservative and has the potential to exceed that up to ~$152K, but we’ll have a more complete picture towards the end of this year.”
Glover also warned of potential volatility within Wave V: “Keep in mind that wave (i) can be completely retraced by wave (ii), so a retest of the $74.5K low of Wave IV is not out of the question. But my expectations continue to be for a rally to $133K-$136K into the end of this year or early next.”
This analysis, supported by improving macroeconomic sentiment and historical behavior, offers an optimistic roadmap for Bitcoin’s long-term growth.
Wall Street and European stocks rallied on Friday
The U.S. equity market posted gains on May 2, adding tailwinds to the crypto sector. The S&P 500 closed up 1.47%, driven by a better-than-expected nonfarm payrolls report for April 2025. With this surge, the S&P 500 has now recovered its losses since April 2, driven by President Donald Trump announcement of “reciprocal” tariffs.
The Nasdaq Composite also advanced 1.51%, and closed at 17,977.73. The tech-heavy Nasdaq has gained in the past two days driven by solid Q1 earnings from two Big Tech players.
Meta Platforms posted stronger-than-expected revenue in the first quarter, with Meta’s CEO Mark Zuckerberg saying on an earnings call Wednesday that the business is “performing very well” and “well positioned to navigate the macroeconomic uncertainty.”
Microsoft has also reported better-than-expected quarterly results, driven by its Azure cloud business.
Microsoft shares rose 7.6%, while Meta shares advanced 4.2%. Information technology far outperformed the other 10 sectors in the S&P 500.
Meanwhile, the Dow Jones Industrial Average rose 1.39%, driven by strong economic data, and possible US-China trade talks.
Outlook: Institutional Tailwinds and Retail Momentum
With Wave V underway, Bitcoin’s current cycle appears to be entering its most euphoric phase, historically marked by exponential price growth. If Glover’s projections play out, Bitcoin could rally 35%-55% from current levels by early 2026, potentially reaching the $133K-$152K range.
Supporting this bullish view are increasing ETF inflows, elevated institutional and treasury accumulation, waning macroeconomic headwinds, and strengthening on-chain fundamentals.
While short-term volatility remains a possibility—especially if Wave (ii) triggers a correction—long-term signals suggest that the bull run may have further to go.
As Bitcoin eyes six-figure territory and the broader crypto market regains traction, the coming quarters could redefine capital markets and digital asset allocation strategies.
Read Also: Bitcoin Nears $100K as Institutions and Macro Tailwinds Fuel Crypto Rally
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